European stocks hit fresh highs as US and China agree to lift tariffs

2019-11-07 12:56:13 GMT (Economies.com)
European stocks hit fresh highs as US and China agree to lift tariffs

European stocks rose in Thursday's early trading, to extend gains for the fifth straight session to a 4-year highs, amid a strong market sentiment on the continuous positive developments in the course of the US-China trade talks, especially after China and the US agreed to gradually lift the tariffs on each other's goods.

 

Stoxx Europe 600 rose by 0.3% (the highest level since July 2015) as of 11:15 GMT, as it closed higher by 0.2% yesterday, in its the fourth straight daily gain.

 

The index opened today's session higher, to extend its gains for the fifth straight day, and scored a fresh 4-year high, with most of the major European exchanges and sectors in green.

 

The banking and financial sector saw the largest gains in Europe, with a rise by 1.3%, buoyed by a continuous flow of robust earnings reports for Q3.

 

The Chinese Ministry of Commerce stated on Thursday that the US and China agreed over the last two weeks to eliminate the tariffs imposed by the two countries during the unwavering trade war. 

 

Reuters quoted the ministry spokesman, Gao Feng, that canceling tariffs is an important move to pave the way for the two sides to achieve "Phase 1" agreement.

 

S&P 500 futures rose by 0.5%, to jump back to its all-time high ahead of Wall Street opening, while the index closed lower by 0.1% yesterday.

 

Back to Europe, the Euro Stoxx 50 index rose by 0.3%, the German DAX rose by 0.7%, with France's CAC 40 rising by 0.2%, and in London, the FTSE 100 rose by 0.2%

 
 
 
  Symbol Last Change Chg.%
1.1092
0.0030
0.2694%
1.3133
-0.0004
0.0312%
Tadawul
8066.42
-53.59
0.66%
16.645
0.073
0.444%
58.935
-0.175
0.296%
64.34
0.09
0.14%
1464.040
4.195
0.287%
 
 
US
 
Europe
 
Asia