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European Stocks Rally on July 9, STOXX 600 Hits Four-Week High

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European equities closed higher on July 9, with the pan-European STOXX 600 rising 0.8% to a four-week peak, led by banks and defense sectors. Italy’s FTMIB surged 1.6% to 2007 levels, fueled by a 4.6% jump in UniCredit (CRDI.MI) to 2011 highs, despite shareholder resistance to its Commerzbank (CBKG.DE) acquisition bid.

The euro zone bank index (SX7E) strengthened, with Société Générale (SOGN.PA) up 4% to a 14-year high. Defense stocks (SXPARO) climbed 1.4% to a record, as Germany’s Renk (R3NK.DE) gained 5% on spin-off rumors. Optimism stemmed from EU-U.S. trade talks, with the EU citing a potential framework deal "in days" and Trump extending negotiations to August 1, though he warned no further delays.

However, pressures lingered: Trump’s 50% copper tariff and upcoming semiconductor/ pharmaceutical duties weighed. Denmark’s Zealand Pharma (ZELA.CO) fell 2.7%, and Novo Nordisk (NOVOb.CO) slipped 1.5%. U.K. ad group WPP (WPP.L) plunged 18.8% after lowering profit guidance, dragging France’s Publicis (PUBP.PA) down 1.8%. Norway’s Kongsberg (KOG.OL) dropped 12% due to earnings irregularities, while EssilorLuxottica (ESLX.PA) rose 5.6% on news of Meta’s stake acquisition.