12:11 PM EDT, 04/10/2025 (MT Newswires) -- The European stock markets soared in Thursday trading as The Stoxx Europe 600 advanced 3.93%, Germany's DAX jumped 4.67%, the FTSE 100 in London rose 3.04%, France's CAC 40 climbed 3.83%, and the Swiss Market Index closed 3.28% higher.

The European Union will put a 90-day pause on its counter tariffs against the US as it wants to "give negotiations a chance," European Commission President Ursula von der Leyen said in a X post Thursday.

"While finalizing the adoption of the EU countermeasures that saw strong support from our member states, we will put them on hold for 90 days," von der Leyen said. She added that the countermeasures will kick in if talks are not "satisfactory."

Supply-chain consultant GEP said Thursday that data from its GEP Global Supply Chain Volatility Index showed "significant slack across European supply chains" in March. However, it said things were worse in the UK, where supplier spare capacity rose for the fourth straight month to a level that has been higher only during the pandemic and the global financial crisis.

"UK factories aggressively destocked and reduced spending during March, suggesting the country's industrial sector is bracing for a downturn," GEP said.

And in corporate news, Capri said Thursday that it has agreed to sell Versace to Prada for about $1.38 billion in cash. The luxury fashion company said the sale will allow it to make "accelerated strategic investments" in its Michael Kors brand, and that the proceeds will also be used to support its capital allocation priorities, including business investments, debt reduction, and share buybacks. The deal is slated to close in H2, Capri said.

Swiss banking giant UBS Group plans to move ahead with a $3 billion share repurchase this year even with new capital rules and economic instability, Reuters reported Thursday, citing chairman Colm Kelleher's comments at the firm's annual meeting. The company said it will buy back $1 billion worth of stock in H1 and up to $2 billion more in H2, assuming Switzerland's regulatory framework remains largely unchanged, the report said.

And UBS Chairman Kelleher said Thursday that Switzerland's current reform plans would increase the bank's capital requirements by 50%, according to a FactSet transcript of the company's general annual meeting.

STMicroelectronics has reconfirmed its investment commitment in Italy to the country's government, Reuters reported Thursday, citing the company. The semiconductor company reassured its planned investments at sites in Agrate in northern Italy and Catania in Sicily, with a plan to double manufacturing at Agrate by 2027, the news outlet added, citing the company at a meeting in Rome. STMicroelectronics did not immediately respond to MT Newswires' request for comment.

STMicroelectronics also said Thursday it will overhaul its manufacturing network over the next three years, aiming to streamline operations and reduce costs significantly, with up to 2,800 voluntary staff departures expected globally.