European stock markets regained momentum after the unpredictable Donald Trump stepped back on tariffs. However, caution remains the watchword, as another reversal could quickly reignite volatility. Mark Rutte's spokesperson stated that the NATO Secretary General had a "very productive" conversation with Donald Trump. In a statement, she added that discussions between Denmark, Greenland, and the United States would continue to ensure that neither Russia nor China could establish an economic or military presence there.

Several key statistics shaped Thursday's session across the Atlantic.

The U.S. PCE price index rose by 2.8% year-on-year in November, as expected, after a 2.8% increase in October. On a monthly basis, it was up 0.2%, in line with forecasts, after a 0.3% rise in October. The "core" version, which excludes food and energy, also increased by 2.8% year-on-year, matching forecasts, after a 2.8% rise in October. This inflation measure is closely monitored by the Fed, which will announce its next monetary policy decision on Thursday, January 28. Barring any surprises, the Federal Reserve is expected to keep rates unchanged.

"With consumer spending progressing at a healthy pace and underlying 'core PCE' inflation steady at 2.8%, nothing changes for FOMC members, who are expected to remain on pause for their January meeting," said Bastien Drut, Head of Strategy and Economic Research at CPR AM.

The U.S. economy posted slightly stronger growth than anticipated in the third quarter, according to final figures released Thursday by the Commerce Department. U.S. GDP grew by 4.4% between July and the end of September, up from the previous estimate of 4.3%, after a 3.8% increase in the second quarter.

Weekly jobless claims came in below expectations: 200,000 versus 209,000 expected, after 199,000 the previous week.

Black Thursday for Ubisoft

Volkswagen (+5.86%) led the Euro Stoxx 50. The German automaker, in its preliminary figures for the 2025 fiscal year, announced it expects industrial free cash flow of around 6 billion euros, up from 5 billion the previous year.

In Paris, Orange (+3.97%) stood out after a consortium formed by Orange, Bouygues Telecom, and Iliad, parent of Free, announced Thursday it was in talks to take over Altice's telecom operations in France.

Market research specialist Ipsos (+6.61%) unveiled its new strategic roadmap, "Horizons," ahead of an investor day. The group is targeting average annual organic revenue growth of between 3% and 4% for 2026-2028, with an operating margin of 13.5% by 2028.

The day's biggest drop came from Ubisoft , which plummeted by -39.83%. The video game specialist announced it now expects net bookings (sales of games, additional content, and subscriptions) of around 1.5 billion euros for the 2025-2026 fiscal year. Previously, it had forecast stable bookings compared to the 2024-2025 fiscal year, or around 1.8464 billion euros, representing a nearly 19% decline. Oddo BHF called it a "mega profit warning."

The easing of tensions over Greenland between the United States and its NATO allies weighed on defense stocks. In Paris, Thales fell by 3.94%.

In commodities, Brent crude fell by 1.49% and WTI by 1.41%.

On the currency market, the euro gained 0.61% at the close, trading at 1.1743 dollars.