European stocks made a comeback to trade higher Wednesday on news that President Donald Trump plans to delay the implementation of auto tariffs on European car imports.
The pan-European STOXX 600 closed up 0.39% to 378.06 in trade. Autos jumped 2.02 percent higher after initially being the weakest sector.
Three sources told CNBC the administration will delay those levies by up to six months. The news, which was first reported by Bloomberg News, sent auto stocks higher. Porsche, BMW and Daimler all enjoyed rises of around 3%.
Meanwhile, in a substantial piece of corporate news, reports Tuesday suggested Italian bank UniCredit has stepped up preparations to bid for Commerzbank, just weeks after talks a deal with previous suitor Deutsche Bank fell through. Commerzbank shares traded 2.9% lower Wednesday afternoon.
Source : CNBC