27.05.202607:31:41UTC+00European Stocks Trade in Positive Territory

The STOXX 50 and STOXX 600 each gained 0.3% on Wednesday, partially clawing back losses from the previous session. Investors remained focused on developments in the Middle East, holding onto hopes that the US and Iran could still reach an agreement to ease tensions and reopen the Strait of Hormuz, despite recent strikes.

The automotive sector led the advance across Europe. Volvo Cars climbed about 7% after securing approval from the US government to continue selling its vehicles in the country. Other major carmakers also moved higher, including Renault (+3%), Mercedes-Benz (+2.1%), and Stellantis (+2.6%).

Chemicals outperformed as well, with Akzo Nobel topping the STOXX 600 after surging roughly 15%. The rally followed the company’s decision to reject a joint all-cash takeover proposal of €73 per share from rivals Nippon Paint and Sherwin-Williams.

In contrast, energy stocks underperformed. Notable decliners included RWE (-2.4%), Engie (-2.1%), Endesa (-2.2%), and TotalEnergies (-2.1%).