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(Bloomberg) — European stocks ticked up on Tuesday after US President Donald Trump indicated he is open to more trade negotiations with the European Union and Nvidia Corp. said it planned to resume sales of its H20 AI chip to China after securing Washington’s backing.
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The Stoxx Europe 600 Index rose 0.1% as of 9:24 a.m. in Paris. Tech stocks and firms involved in the chip supply chain outperformed, boosted by Trump administration’s dramatic reversal on H20 AI chip sales. ASML, BE Semiconductor, STMicro and Infineon were top gainers.
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“The US policy reversal on selling AI chips to China clearly constitutes good news for the industry and is lifting Nasdaq futures,” said David Kruk, head of trading at La Financière de l’Échiquier.
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He added that traders will also keep a close watch on US inflation data later today.
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“If it’s in line, then the Fed rate cut in September is on. By contrast, a bad reading would kill any hope of a cut in July, even if few investors are betting on it,” Kruk added.
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Economic data in China provided another boost. Gross domestic product exceeded expectations in the second quarter, even as strong exports to markets outside the US masked deepening pressure caused by weak consumer demand at home.
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European stocks have bounced back from a slump in April sparked by the announcement of wide-ranging US tariffs, but are still short of record high levels hit in March. Investors are now watching second quarter earnings to gauge how companies are dealing with higher tariffs and continued uncertainty over US trade policy.
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On Monday, Trump indicated he is open to more trade negotiations, including with the European Union.
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