Europe close: Stocks mostly higher on US trade tariff news

(Sharecast News) - European markets were mostly higher at the start of the week following reports that the Trump administration would not move immediately to levy fresh trade tariffs. "Traders have largely gotten out of the habit of responding to such developments, but once again they will need to make sure the presidential social media feeds are always just a click away," said IG chief market analyst Chris Beauchamp.

The Stoxx 600 index edged up 0.05% to 523.87 with all major regional markets higher save for Milan's FTSE Mib, which traded down 0.34% to 36,143.83.

US markets were closed for Martin Luther King day.

Reports were that Trump was to sign an executive memo, instructing US agencies to first assess China's compliance with the 2020 Phase One trade deal.

Agencies would also analyse the country's trade relations with Canada and Mexico.

Traders are also watching the annual the World Economic Forum talkfest in Davos, Switzerland, this week.

Seasonally adjusted output from construction across the single-currency region was 1.2% higher in November month-on-month, following a revised 0.8% gain in October. That was the strongest monthly growth seen since February 2023.

Meanwhile, German producer prices rose 0.8% year-on-year in December, according to Destatis, for a second consecutive annual increase.

On the equities front, shares in Belimo Holding advanced 2.3% as the Swiss heating and ventilation products maker reported annual revenue above market expectations.