European stock market today: Live updates
EU official says negotiations with U.K. have met ‘stumbling blocks’
Negotiations over improved relations between the EU and the U.K. have run into two major stumbling blocks, an EU official has told CNBC’s Silvia Amaro.
“Negotiations are progressing at a very slow pace,” the official told my colleague. Youth mobility and fisheries are the two biggest stumbling blocks at this stage.
“The U.K. is reluctant to agree on any language on youth mobility,” the official added.
On Wednesday, the U.K.’s defense secretary said that negotiations with the EU are at their toughest moment. The same EU official told CNBC’s Silvia Amaro that “this is a fair assessment” of the situation.
— Ganesh Rao
German foreign minister backs Trump’s target of spending 5% of GDP on defense
On Thursday, German Foreign Minister Johann Wadephul backed U.S. President Donald Trump’s calls for NATO members to spend 5% of their gross domestic product on defense.
Speaking on the sidelines of a meeting of NATO foreign ministers in Turkey, Wadephul said Germany was following Trump’s proposal in this respect.
So far, the target for defense spending has been 2% of GDP for NATO members, which many have not consistently met. Trump has long been pushing for members of the alliance to increase their military and security expenses.
Earlier this year, Germany made changes to long-standing debt rules to allow for higher defense spending.
Arms maker Rheinmetall last topped the German DAX index, having risen around 4.4%.
— Sophie Kiderlin
European stocks open in negative territory
European stocks have opened firmly in negative territory as investors digest earnings updates from a number of companies across the continent.
The Stoxx Europe 600 and France’s CAC 40 were lower by 0.4%, while the U.K.’s FTSE 100 and Germany’s DAX were in the red by 0.5% at 8.25 a.m. in London.
Elsewhere in the currency markets, the British pound strengthened by 0.2% after better-than-expected U.K. gross domestic product figures for the first quarter.
— Ganesh Rao
Thyssenkrupp shares plummet 8% after sales fall in fiscal first half
A general view of the gate of the Thyssenkrupp industrial area in Duisburg, Germany, on Aug. 29, 2024.
Nurphoto | Nurphoto | Getty Images
Shares of German industrial giant Thyssenkrupp sank 8% shortly after Thursday’s opening bell, taking the company to the bottom of the regional Stoxx 600 index.
That came after the firm reported a 5% year-on-year drop in sales in its fiscal first half, with its total sales falling to 16.4 billion euros ($18.4 billion). It cited weak markets and macroeconomic uncertainty.
Thyssenkrupp said it had also seen a year-on-year drop in second quarter order intake because of market conditions.
— Chloe Taylor
Enjoy the moment UK: Economists don’t think robust growth is here to stay
Ye Grapes pub Shepherd Market in the exclusive area of Mayfair on 9th May 2025 in London, United Kingdom.es)
Mike Kemp | In Pictures | Getty Images
The U.K.’s robust and better-than-expected economic performance will be cheered by the country’s leadership in Downing Street, but economists say to enjoy the moment while it lasts, as growth will likely moderate later this year.
Here’s a snapshot of what economists are saying:
“It is encouraging to see the U.K. economy begin 2025 on a firm growth footing. But growth in the years since the pandemic has followed a common pattern of strong starts that later fizzle out …. In any case, U.K. growth looks set to moderate later this year. While a UK-US trade deal will see the U.S. lower tariffs on some goods, the U.K., as a highly open economy, will still suffer from any global slowdown. This will put further pressure on the public finances.”
— George Brown, senior economist at Schroders
Economists also suggest that the surge in GDP is due to temporary tariff and tax influences, not better fundamentals.
“The bumper 0.7% q/q rise in GDP in Q1 (consensus and BoE +0.6%, CE 0.5%) is unlikely to be repeated as a lot of it was due to activity being brought forward ahead of U.S. tariffs and the rise in domestic businesses taxes. This might be as good as it gets for the year.”
— Paul Dales, chief U.K. economist at Capital Economics
— Holly Ellyatt
UK GDP figures bring some relief to Chancellor Rachel Reeves
British Prime Minister Keir Starmer (L) and Chancellor of the Exchequer Rachel Reeves (R) drink tea during a visit to local businesses in September 26, 2021.
Justin Tallis | Afp | Getty Images
The U.K.’s better-than-expected economic growth of 0.7% in the first quarter (compared to the fourth quarter which saw a lackluster 0.1% expansion) will be a relief for the British Chancellor Rachel Reeves.
“Today’s growth figures show the strength and potential of the UK economy,” she said in emailed comments. “In the first three months of the year,…
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