Stability of European Stocks Following White House Announcement of Trade Agreement with Brussels

European stock indices stabilized at the close of trading on Thursday after the White House announced details of the trade agreement reached with Europe.

The "Stoxx 600" index closed today's session at 559 points, with the sub-index for pharmaceutical and biotechnology companies rising by 0.56%, while its counterpart for the automotive sector increased by about 0.58%.

The British "FTSE 100 (LON:LSEG)" index recorded an increase of 0.23% at 9309 points, while the German "DAX" remained stable at 24293 points, but the French "CAC 40" declined by 0.44% to 7938 points.

The U.S. government announced today that it had reached a framework for implementing the trade agreement made between the European Union countries and the White House a month ago.

Under this framework, a cap on U.S. tariffs on pharmaceutical imports from Europe was set at 15%, along with imposing a tariff at the same rate on the automotive sector, which represents about half of the current level.

In return, Washington obligated Brussels to enact legislation to reduce the tariffs imposed on the automotive sector before it lowers tariffs on its side.

On the other hand, economic activity in the Eurozone accelerated in August to record the highest growth rate in about 15 months, thanks to rising new orders and companies expanding their hiring, according to a survey conducted by "S&P".