European tech stocks climb as US eases tariffs on electronics
Photo: AP
European technology shares saw gains on Monday following the U.S. decision to grant tariff exclusions on smartphones, computers, and other electronics—many of which are imported from China.
European semiconductor names were up as well, with gains strongest for those most exposed to the U.S. market, like ASM International (ASMI.AS), Infineon (IFXGn.DE) and ASML (ASML.AS) rising about 2% as of 0720 GMT, News.Az reports, citing Reuters.
Europe's chipmakers supply key chips to the smartphone, personal electronics industry, while computer chip equipment makers, like ASML, are now excluded from Trump's 10% "baseline" tariffs into the U.S.
Apple's (AAPL.O) shares rose over 6% at one point in Frankfurt. Other U.S. tech stocks listed in Frankfurt were also higher with Nvidia (NVDA.O) rising more 3%, Dell Technologies (DELL.N) up 6.3%.
However, the level of uncertainty remains high and, U.S. President Donald Trump said on Sunday he would announce levies on imported semiconductors, and the whole supply chain, over the next week.
Europe's tech index (.SX8P) was up 2.8%, with stocks like Computer parts maker Logitech (LOGN.S) up around 5%, while SAP (SAPG.DE) and Dassault Systemes (DAST.PA) rose 2%.
Nasdaq futures gained 1.6% in early European hours.
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