On Tuesday, European trading floors showed restrained dynamics. Optimism fueled by a series of major mergers and acquisitions managed to offset concerns over political uncertainty in France after Prime Minister Francois Bayrou resigned following a no-confidence vote.
By morning, the pan-European STOXX 600 index rose by 0.1% to settle at 552.69 points. The strongest performance came from resource companies, with the basic resources sector index jumping by 1.3%.
France's CAC 40 opened with a 0.2% gain. The country's long-term bonds remained stable as investors awaited President Emmanuel Macron's nomination for the new head of government. This move will mark the fifth prime ministerial appointment in less than two years.
Shares of Anglo American rose by 4.7% after reports of an agreement with Canada's Teck Resources on a $50 billion merger. The new company will be named Anglo Teck Plc and will become one of the largest players in the industry.
In Italy, shares of Monte dei Paschi di Siena climbed by 3.8% after data showed that the bank secured 62% of Mediobanca's target stake. Mediobanca also strengthened, adding 3.7%.
The Japanese stock market closed lower on Tuesday. The Nikkei index initially broke through the historic 44,000 level, but the advance gave way to profit-taking and pressure from a stronger yen.
In the first half of the session, the Nikkei added 1.24% to a peak of 44,185.73 points. However, by the close, the index fell by 0.4% to 43,459.29, ending a three-day rally. The broader Topix index also lost 0.5%.
Optimism at the start of trading was supported by hopes for new government stimulus following the resignation of Prime Minister Shigeru Ishiba, known for his tough budget stance. However, investors opted to lock in profits by the end of the day.
Equities weakened as the yen appreciated by 0.5% to 146.82 per dollar. A stronger currency traditionally undermines the competitiveness of Japanese exporters and their future earnings.
Japan's chief negotiator Ryosei Akazawa said in a publication that US tariffs on Japanese cars should be reduced by September 16, easing some of the uncertainty surrounding the deal under discussion since July.
At the same time, he noted that the most-favored-nation regime did not affect the pharmaceutical sector and semiconductor manufacturers, as these industries were not included in the decree signed by US President Donald Trump.
Japan's largest pharmaceutical company, Takeda Pharmaceutical, ended the session down 3%, ranking among the most notable underperformers of the day.
Shares of Citizen Watch dropped by 5.5%, making them one of the biggest decliners on the Nikkei index. Selling pressure intensified after reports that the company would be excluded from the Nikkei 225 starting in October.
On the opposite side was Advantest, a manufacturer of semiconductor testing equipment and a key supplier to Nvidia. The company's shares jumped by 6.5%, setting a new all-time high.
The market also found support from other chip industry representatives. Shares of Screen Holdings gained 2.4%, while Tokyo Electron rose by 2%, further strengthening the sector's position.
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