European autos stocks jump 2% after White House hints at tariff deadline extension

The Investment Company Institute (ICI), which represents money houses successful the U.S. and immoderate successful Europe, welcomed the almighty Senate Finance and House Ways and Means committees' determination to remove Section 899 from U.S. President Donald Trump's spending bill.

The ICI antecedently lobbied Congress against Section 899, informing that the proviso impacted astir overseas investments successful the U.S. banal market, according to documents seen by CNBC.

"ICI applauds today's announcement from Chairman Crapo and Chairman Smith that Section 899 volition beryllium removed from the One Big Beautiful Bill Act following the Administration's statement with G7 countries," the ICI said successful a statement.

"We convey Treasury Secretary Scott Bessent, Chairman Crapo, and Chairman Smith for starring the palmy negotiations and ensuring the United States continues to beryllium the premier destination for planetary investors."

— Ganesh Rao

British sports apparel retailer JD Sports is presently topping the Stoxx 600 with a summation of 7.8%.

The stock's rally comes better-than-expected 4th fourth results from sportswear elephantine Nike. More than 90% of JD Sports' income are derived from large brands including Nike, Adidas and Puma.

— Chloe Taylor

In lawsuit you missed it, U.S. Treasury Secretary Scott Bessent connected Thursday evening said that helium had asked the Senate and the House of Representatives to portion a measurement aimed astatine penalizing immoderate overseas investors retired of President Donald Trump's spending bill.

The Section 899 measurement — which became colloquially known arsenic a "revenge tax" — would person slapped caller taxes connected investors from definite countries, cutting into their returns connected U.S. equities and different assets.

Bessent said helium asked lawmakers to ditch Section 899 aft U.S. officials came to a "joint understanding" with G7 countries connected a planetary taxation deal, nether which "OECD Pillar 2 taxes volition not use to U.S. companies."

"Based connected this advancement and understanding, I person asked the Senate and House to region the Section 899 protective measurement from information successful the One, Big, Beautiful Bill," helium said successful a post connected the X societal media platform.

"This knowing with our G7 partners provides greater certainty and stableness for the planetary system and volition heighten maturation and concern successful the United States and beyond."

— Chloe Taylor

European autos stocks notched gains during aboriginal commercialized connected Friday, arsenic investors reacted to the White House saying the looming deadline for country-specific tariffs to travel into effect was "not critical" and "could beryllium extended."

The moves besides came after Beijing said it had agreed with Washington connected the details of a commercialized statement negotiated successful London earlier this month.

Europe's Stoxx Automobiles and Parts index, which has shown sensitivity to U.S. commercialized argumentation announcements this year, was past seen trading astir 2% higher.

Top movers successful the assemblage included Porsche and French conveyance parts supplier Valeo, some up 2.2%, arsenic good arsenic Stellantis, which gained 2%, and Mercedes-Benz, shares of which jumped 1.6%.

Vehicles and parts imported to the U.S. person been taxable to a 25% tariff since April. A 50% broad tariff connected European Union imports is presently suspended until July 9.

Machinery and vehicles are the EU's biggest export to the United States.

— Chloe Taylor

The U.S. and China person further confirmed the details of the commercialized statement reached by some sides earlier this month in London, according to a statement released by China's Ministry of Commerce Friday afternoon.

Read much here.

— Anniek Bao

We're 10 minutes into the last trading league of the week, and stocks are firmly successful affirmative territory aft White House Press Secretary Karoline Leavitt fueled optimism on Thursday astir the looming reciprocal tariffs deadline.

The pan-European Stoxx 600 scale was past seen trading up 0.6%, with astir sectors edging higher.

The tariffs-sensitive autos and mining sectors led gains, jumping 1.4% and 1.1%, respectively. Utilities stocks, often utilized arsenic a hedge against marketplace turbulence, were down by 0.1% during aboriginal trade.

— Chloe Taylor

Italian lender Mediobanca pledged connected Friday to instrumentality 4.9 cardinal euros ($5.7 billion) to shareholders implicit the adjacent 3 years, arsenic it continued to propulsion backmost against a hostile takeover bid from home rival Monte dei Paschi di Siena (MPS).

In a statement, Mediobanca said the projected MPS connection "lacks an concern and fiscal rationale for Mediobanca shareholders and carries wide and important execution risks."

"The combined entity would person the illustration of a medium-sized undifferentiated commercialized bank, with precocious superior absorption, highly delicate to the macroeconomic environment, without strengthening immoderate of Mediobanca's concern segments and with the risks inherent successful MPS's fiscal statements remaining unchanged," it said.

CNBC reached retired to MPS for comment.

Read much connected MPS' 13-billion-euro bid for Mediobanca here.

— Chloe Taylor

Good greeting from London.

European equities look acceptable to extend yesterday's gains astatine the unfastened connected Friday.

Futures tied to the FTSE 100 are marginally higher, portion those tied to Germany's DAX and France's CAC 40 indexes are up by 0.8% and 0.6%, respectively.

It comes aft the Trump medication said the July deadlines for alleged reciprocal tariffs "could beryllium extended" and are "not critical."

— Chloe Taylor

President Donald Trump could widen looming deadlines for reimposing steep tariffs on imports from astir of the world's countries, the White House said Thursday.

Trump's July 8 and 9 deadlines for restarting tariffs connected those nations are "not critical," White House Press Secretary Karoline Leavitt told reporters.

"Perhaps it could beryllium extended, but that's a determination for the president to make," Leavitt said.

Leavitt besides said Thursday that if immoderate of those countries garbage to marque a trade deal with the United States by the deadlines, "The president tin simply supply these countries with a deal."

In precocious May, Trump threatened to enforce tariffs of 50% connected imports from European Union nations, each of whom had already been taxable to the reciprocal tariffs imposed successful April.

Read much here.

— Kevin Breuninger