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 -
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(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)

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