European stocks jump to 4-year high on renewed trade talks optimism

2019-11-04 12:29:17 GMT (Economies.com)
European stocks jump to 4-year high on renewed trade talks optimism

The major European stocks indices rose on Monday, to extend gains for the second straight session and jumped to more than 4-year high, amid positive market sentiment after hopes about the US-China trade talks were renewed, in addition to robust third quarter earnings reports by major European companies.

 

Stoxx Europe 600 rose by 1.1% as of 11:05 GMT, to its highest level since July 2015, while it closed higher by 0.7% on Friday, after strong economic data from both the US and China.

 

During last week, the index gained 0.4%, to post its fourth straight weekly gain, in addition to record gains for the US stocks at Wall Street, thanks to positive earnings reports from major companies for the third quarter.

 

The index opened today's session higher, to extend its gains for the second straight session, jumping to more than 4-year high, with most of the major European exchanges and sectors rising.

 

The automotive sector saw the largest gains in Europe, with a rise by 2.5%, buoyed by the trade deal hopes as the sector is most sensitive to the global trade news.

 

US Commerce Secretary Wilbur Ross said the licenses would be granted "very soon" to US companies to sell products needed for China's giant Huawei.

 

The US Commerce Secretary Wilbur Ross said that the US companies will be granted licenses "very soon" to resume business with the Chinese tech giant, Huawei. 

 

Huawei was among the list of Chinese companies blacklisted by the US Department of Commerce because on claims of national security threats.

 

Ross also added that the first-phase of the trade deal with Beijing can be reached and the signing of it can happen between President Trump and Chinese Leader Xi Jinping in mid-November.

 

The US Secretary told Bloomberg on Sunday that Washington may not need to impose the tariffs of 5% to 15% on European and Asian cars after recent discussions.

 

S&P 500 futures rose by 0.5%, after it closed higher by nearly 1% at Wall Street on Friday, and posted its at its all-time high of 3,066.95 points.

 

To the European stock markets, the Euro Stoxx 50 index rose by 1.1%, the German DAX rose by 1.25%, with France's CAC 40 rising by 1.2%, and in London, the FTSE 100 rose by 1.1%

 
 
 
  Symbol Last Change Chg.%
1.1062
0.0000
0.0041%
1.3153
0.0016
0.1199%
Tadawul
8120.01
21.27
0.26%
16.618
0.046
0.277%
59.025
-0.085
0.144%
64.26
-0.13
0.20%
1460.430
0.585
0.040%
 
 
US
 
Europe
 
Asia