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U.S-China trade deal confidence support European shares

Published 06/27/2019, 03:20 PM
U.S-China trade deal confidence support European shares
DE40
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HMb
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STOXX
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SXAP
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SXPP
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(For a live blog on European stocks, type LIVE/ in an Eikon
news window)
June 27 (Reuters) - Renewed trade optimism helped prop up
European shares in early dealings on Thursday, after a report
said the United States and China have reached a tentative truce
ahead of a highly anticipated G20 summit this weekend.
The South China Morning Post, citing sources, said
Washington and Beijing were laying out an agreement that would
help avert the next round of tariffs on an additional $300
billion of Chinese imports. The pan-European STOXX 600 index .STOXX rose 0.16% by 0704
GMT, and Germany's trade-sensitive DAX .GDAXI , outperformed
with a 0.53 jump.
The trade news helped Asian stocks gain overnight and eased
investor nerves heading into talks between the two sides to
resolve a dispute that has dominated stock market thinking for
the past year.
Auto shares .SXAP rose 0.9% and basic-resources stocks
.SXPP gained 1.3% as the tariff reprieve triggered relief for
companies most at risk from slower global trade.
The biggest gainer on the STOXX 600 index was H&M HMb.ST ,
up 9.0% after the Swedish fashion retailer said sales of its
summer collections had gotten off to a good start and that it
was selling more clothes at full price.

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