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European shares hit 2-month high after U.S-China revive trade talks

Published 07/01/2019, 03:25 PM
Updated 07/01/2019, 03:30 PM
European shares hit 2-month high after U.S-China revive trade talks
DE40
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STMPA
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IFXGn
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DLGS
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STOXX
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SX8P
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WAFGn
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(For a live blog on European stocks, type LIVE/ in an Eikon
news window)
July 1 (Reuters) - The United States and China eased trade
tensions over the weekend and helped the European market climb
to a near two-month high in early dealings on Monday, with
Germany's trade-sensitive DAX leading market gains.
U.S. and China agreed on Saturday to restart trade talks
after President Donald Trump offered concessions including no
new tariffs and reducing restrictions on tech company Huawei in
order to lessen hostilities with Beijing. The news helped shares in Asia gain overnight as investors
piled into riskier assets, which took the shine off safe haven
assets including gold and the yen.
The pan-European STOXX 600 index .STOXX rose 1.3% by 0706
GMT and Frankfurt's DAX .GDAXI rallied 1.6%.
The lighter restrictions on Huawei, as well as a report that
U.S. semiconductor equipment supplier Applied Materials, will
buy Japan's Kokusai Electric for about $2.3 billion, helped
European chipmakers jump in early trading. Infineon IFXGn.DE , Siltronic WAFGn.DE , Dialog Semi
DLGS.DE and STMicroelectronics STM.MI rose between 3% and 6%
and pushed the technology sector .SX8P to a one-year high.
Investors were also watching out for factory activity data
from major European economies including Germany due later in the
session, which follows disappointing reports out of Asia as the
U.S.-China trade spat put a strain on the sector.

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