Source: Sharecast
Helping investor sentiment was an in-line reading on a key US inflation gauge.
“Euro area inflation expectations rose in August but the Fed's preferred gauge - the PCE price index - was in line with forecasts," said Axel Rudolph, chief technical analyst at IG.
"Relieved, buyers once more stepped in, pushing US indices towards this week's record highs."
The pan-regional Stoxx 600 index was up 0.78% to 554.52. Germany’s DAX rose 0.87% and France’s CAC 40 gained 0.97%.
Spain's Ibex 35 outperformed, putting on 1.30% to reach 15,350.40.
Trump said the US would impose 100% levies on imported branded drugs, 25% on heavy-duty trucks and 50% on kitchen cabinets.
Bathroom vanities would be slapped with a 50% tariff while upholstered furniture would face duties of 30%.
All the new charges would take effect on October 1, Trump added via social media posts with exemptions for those companies that built factories in America.
Traders were also assessing data overnight showing the US economy was yet to feel the impact of Trump’s tariff policies. GDP growth was revised up to 3.8% while there was also an unexpected fall in jobless claims.
“The roll-out of Artificial Intelligence promises to help in that area, but whether its effects are showing up in national data just yet is hard to call.”
In equity news, Trump’s truck tariff threat hit shares in Daimler Truck and Traton.
Shares in Brunello Cucinelli fell on reports by short sellers that the Italian fashion house was still conducting business in Russia, a claim the company has denied, saying its reduced activities in the area are in full compliance with European Union regulations.
