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European shares inch higher after Trump signals on trade

Published 05/24/2019, 03:16 PM
Updated 05/24/2019, 03:20 PM
European shares inch higher after Trump signals on trade
UK100
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DE40
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CASP
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GENC
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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)
May 24 (Reuters) - European shares recovered some ground on
Friday after a bruising session a day earlier, as U.S. President
Donald Trump predicted a swift end to the ongoing trade war with
China that has dominated trade on financial markets over the
past year.
The pan-European STOXX 600 .STOXX was up 0.5% by 0707 GMT
but remained on track to post a weekly loss and its first
monthly decline since a sell-off at the end of last year that
knocked 15% off the index.
Addressing the latest flashpoint, Trump said late on
Thursday that U.S. complaints against Huawei Technologies
HWT.UL could be resolved within the U.S.-China trade deal
framework, however no high-level talks between the two countries
have been scheduled as yet. Germany's trade-sensitive DAX .GDAXI , up 0.8%, led the
charge among the country indexes while auto .SXAP and mining
.SXPP stocks were the top performers among European sectors.
A slight recovery in the pound kept a lid on advances in
London's bluechip FTSE 100, which tends to underperform when the
currency rises .FTSE . Prime Minister Theresa May is expected
on Friday to announce the date of her departure. In a relatively quiet day for company news, France's Casino
CASP.PA shares gained 2% after the retailer said that the
filing of its parent company Rallye GENC.PA for protection
from creditors had no impact on the execution of its
strategy.

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