European Markets Overlooked Latest U.S. Tariff Threats; Copper Hits New Record High

Bridgette Randall
09 Jul, 2025
London

European markets advanced on Wednesday, and investors ignored the new U.S. tariff threats. 

Benchmark indexes in Frankfurt, Paris, Milan, and London headed higher in cautious trading ahead of the start of the earnings season this week. 

Investors turned cautious and refrained from making larger bets amid heightened trade tensions with the U.S. after the U.S. president said he plans to announce additional import duties on the EU in retaliation to duties on U.S. technology firms.

The Trump administration's threats are increasingly ignored by the European investors, because Donald Trump always backs down at the last minute and lowers the previously announced arbitrary tariffs.

Banks traded higher after UniCredit SpA increased its direct equity stake in the Germany-based Commerzbank and signaled its intention is for passive investment only. 

 

Europe Stock Movers 

Mining companies declined amid a drop in copper prices after the U.S. president proposed to levy a 50% tariff on the industrial metal. 

Glencore PLC decreased 2.9% to 299.70 pence, Antofagasta plc dropped 1.9% to 1,885.0 pence, and Anglo American plc fell 1.8% to 2,183.95 pence. 

Italy-based UniCredit SpA increased its stake in Germany's Commerzbank to 20% from 10%, and following the conversion to an equity stake after winning the approval from the European Central Bank, the Federal Reserve Bank, and German regulators. 

The Italian bank reiterated its passive investment in the bank is for financial interest and added it plans to convert its derivative stake and increase its equity holding to 29%. 

UniCredit SpA advanced 3.3% to €60.37, and Commerzbank AG gained 0.6% to €30.14.