12:03 PM EDT, 08/04/2025 (MT Newswires) -- The European stock markets closed mostly higher in Monday trading as The Stoxx Europe 600 rose 0.8%, Germany's DAX increased 1.4%, the FTSE 100 gained 0.7%, France's CAC was up 1.1%, while the Swiss Market Index was off 0.2%.

The European Commission said Monday that will suspend its countermeasures to US tariffs for six months.

The Commission said it made the decision due to the "stability and predictability" for businesses in Europe and the US, which it said was provided by its trade deal with the US that was agreed upon July 27. The countermeasures were set to begin Thursday, the Commission said.

"With this step, the EU gains immediate tariff relief compared to the tariffs announced by the US on April 2," Olof Gill, a spokesperson for the Commission told MT Newswires.

In Switzerland, the consumer price index remained unchanged in July, compared with the previous month, and was up 0.2% compared with the same month of the previous year, according to the Swiss Federal Statistical Office.

And in corporate news, HSBC is advising Investcorp on a possible sale of Saudi Arabian IT company NourNet, Bloomberg reported Monday, citing people familiar with the matter. The Bahrain-based alternative asset manager is reportedly considering a transaction but has made no final decision.

HSBC and NourNet did not immediately respond to MT Newswires' request for comment.

Shares of HSBC were gained 0.6% on the FTSE 100.

BP said Monday that it made a "significant" oil and gas discovery at the Bumerangue prospect offshore Brazil. The British oil and gas company said an exploration well "penetrated an estimated 500 meters gross hydrocarbon column in a high-quality pre-salt carbonate reservoir with an areal exceeding 300 square kilometres." According to BP executive vice president Gordon Birrell, the discovery is the company's "largest in 25 years."

Shares of BP gained 1.7% in London trading.

UBS Group is considering a synthetic risk transfer deal involving about 2 billion Swiss francs ($2.47 billion) in loans, Bloomberg reported Monday, citing unnamed people familiar with the matter. According to the report, the move aims to help the bank manage higher capital requirements proposed by the Swiss government.

The Swiss bank also said Monday it agreed to pay $300 million to the US Department of Justice to settle outstanding obligations under a 2017 agreement between Credit Suisse and the regulator for its legacy residential mortgage-backed securities business.

Shares of UBS closed 0.7% lower in Zurich.

BioNTech reported a Q2 loss Monday of 1.60 euros ($1.85) per share, narrowing from a loss of 3.36 euros a year earlier. Analysts polled by FactSet expected a loss of 2.28 euros per share. Revenue for the quarter ended June 30 was 260.8 million euros, up from 128.7 million euros a year earlier. Analysts surveyed by FactSet expected 150.9 million euros.

The German biotech firm reaffirmed its 2025 revenue guidance of between 1.7 billion euros to 2.2 billion euros. Analysts polled by FactSet expect 1.98 billion euros.

Shares of BioTech were up 3.9% on the Frankfurt Stock Exchange.

Security technology company Allegion said Monday it has acquired privately held UAP Group, a provider of security services in the UK. Terms of the deal were not disclosed. UAP, which sells a portfolio of residential door hardware, will provide it with nearly 200 patents, trademarks, and registered designs, Allegion said.