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Nov 7 (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.