BREAKING NEWS

U.S.-China trade optimism drives European shares to four-year high

U.S.-China trade optimism drives European shares to four-year high
The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, October 29, 2019. REUTERS/Staff -
Copyright
STAFF(Reuters)
Euronews logo
Text size Aa Aa

(Reuters) – European shares hit a more than four-year high on Thursday after China said Beijing and Washington have agreed to cancel existing tariffs in different phases, adding fuel to a rally that is now spanning to its fifth straight day.

China and the United States must simultaneously cancel some existing tariffs on each other’s goods for both sides to reach a “phase one” trade deal, the Chinese commerce ministry said.

The pan-European STOXX 600 index <.STOXX> rose 0.4% by 0813 GMT, with export-heavy Germany <.GDAXI> outperforming with a 0.7% rise.

Among the top gainers across European sub-sectors were automakers <.SXAP> and miners <.SXPP>, while defensive plays such as telecoms <.SXKP> and utilities <.SX6P> fell, suggesting higher risk appetite.

Siemens <SIEGn.DE> gained 3.4%, and was the biggest boost to the STOXX 600, after the German industrial company’s fourth-quarter results beat estimates.

(Reporting by Shreyashi Sanyal in Bengaluru; Editing by Amy Caren Daniel)

euronews provides breaking news articles from reuters as a service to its readers, but does not edit the articles it publishes. Articles appear on euronews.com for a limited time.
Euronews is no longer accessible on Internet Explorer. This browser is not updated by Microsoft and does not support the last technical evolutions. We encourage you to use another browser, such as Edge, Safari, Google Chrome or Mozilla Firefox.