European stocks climb near 4-year peak on trade deal hopes

Economies.com
2019-11-25 12:01PM UTC

European stocks opened higher on Monday, to continue rising for the second straight day near 4-year high once again, amid improved improved market sentiment after hopes were renewed about the US and China signing of the first phase of the trade deal.

 

Stoxx Europe 600 rose by 0.4% as of 11:29 GMT, as it closed higher by 0.4% on Friday, and posted its first daily gain in 4 days, after positive news about US-China trade talks.

 

Stoxx Europe lost 0.5% during the last week, its first weekly loss in 7 weeks, on profit-taking after jumping earlier to the highest level since July 2015.

 

The index opened today's session higher, extending gains for the second straight, near a 4-year high, with most of the major European exchanges and sectors in the positive territory today.

 

The mining and basic resources sector saw the largest gains in Europe today, as it rose more than 1.2%, after positive news about the trade talks.

 

A state-owned Chinese newspaper said that US and Chinese officials are close to finalizing the first trade deal, which spurred markets' hopes even more, while on Friday the two heads of state confirmed their willingness to reach an agreement.

 

The US National Security Adviser, Robert O'Brien, said on Saturday that a trade agreement with China can be secured before the end of this year, but the adviser also stressed that the US will not ignore the situation in Hong Kong, emphasizing that he hopes elections in Hong Kong would proceed without violence.

 

S&P 500 futures rose by 0.3% today, while it closed higher by 0.2% on Friday, to mark its first daily gain in 4 days, after positive trade talk news.

 

Back to Europe, the Euro Stoxx 50 index rose by 0.4%, the German DAX rose by 0.4%, France's CAC 40 gained 0.8%, and in London, the FTSE 100 surged more than 0.8%.

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