European stocks surge on trade optimism

Thursday, 29. August 2019 11:13

After a slow start to the session, markets in Europe turned positive on Thursday on fresh hopes trade talks between the United States and China could take place in September. China's Commerce Ministry called on the US to cancel the introduction of additional tariffs on Chinese imports in order to "prevent escalation of the trade war" and noted the two countries are discussing the possibility of organizing negotiations next month. Meanwhile, investors also digested the news that Italian President Sergio Mattarella gave former Prime Minister Giuseppe Conte approval to form a new government.

The FTSE 100 jumped 1% at 11:08 am CET. The best performer was Smithbs Group, whose shares soared 4.23% at 11:09 am CET. The DAX climbed 0.99% at 11:09 am CET with Covestro, up 3.14%, leading the gains. France's CAC 40 surged 1.20% at 11:09 am CET as Bouygues skyrocketed 5.77% at 11:09 am CET. In Italy, the FTSE MIB rallied 1.78% at 11:10 am CET. CNH Industrial puched the index higher as its stock surged 4.25% at 11:10 am CET.

The euro was almost flat, down 0.03%, against the dollar to go for 1.10746 at 11:19 am CET.

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Breaking the News / NP