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British shares rally as U.S.-China trade tensions ease

British shares rally as U.S.-China trade tensions ease
FILE PHOTO: A broker looks at financial information on computer screens on the IG Index the trading floor in London, Britain February 6, 2018. REUTERS/Simon Dawson -
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SIMON DAWSON(Reuters)
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(Reuters) – UK stocks made a solid start to the new quarter on Monday, as fears of an escalation in U.S.-China trade dispute eased after the two sides made some concessions and decided to resume talks, spurring a rally in global stocks.

The FTSE 100 <.FTSE> surged 1.1% to a more than two-month high by 0702 GMT and the FTSE 250 <.FTMC> added 1%.

All sectors on both indexes were trading higher in early dealings.

Investors piled into equities, especially that of banks with a heavy presence in Asia such as HSBC <HSBA.L> and Prudential <PRU.L>. Shares of miners, sensitive to news surrounding top metals consumer China, also boosted the main index.

Oil majors Shell <RDSa.L> and BP <BP.L> advanced as crude prices surged after top producers Saudi Arabia, Russia and Iraq backed a plan to extend supply cuts for another six to nine months.

(Reporting by Shashwat Awasthi in Bengaluru; Editing by Arun Koyyur)

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