European Markets Climbed As Trade War Concerns Ease

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(RTTNews.com) - The European markets ended the first session of the new trading week with gains. Investors were encouraged by the easing trade tensions between the U.S. and China. The countries will refrain from new tariffs that may have sparked a trade war.

"To meet the growing consumption needs of the Chinese people and the need for high-quality economic development, China will significantly increase purchases of United States goods and services," China and the US said. "This will help support growth and employment in the United States."

Trading was a bit thinner in Europe today, with several markets closed for the Whit Monday holiday. Economic data was also scarce both in the Eurozone and in the United States.

The pan-European Stoxx Europe 600 index advanced 0.35 percent. The Euro Stoxx 50 index of eurozone bluechip stocks decreased 0.03 percent, while the Stoxx Europe 50 index, which includes some major U.K. companies, added 0.26 percent.

The CAC of France rose 0.41 percent and the FTSE 100 of the U.K. gained 1.03 percent. The DAX of Germany and the SMI of Switzerland were closed for the holiday.

In Paris, EDF slid 0.12 percent on reports that it is in talks to sell part of its U.K. wind farms.

In London, power company Drax climbed 2.23 percent. The company said its bioenergy carbon capture storage (Beccs) project of its type in Europe would eventually make it carbon negative.

Airline Ryanair Holdings jumped 4.97 percent after posting a record annual profit.

AstraZeneca advanced 3.36 percent. The company has submitted a supplemental new drug application to Japan's Pharmaceuticals and Medical Devices Agency for use as an oral adjunct treatment to insulin in adults with type-1 diabetes.

International Consolidated Airlines Group gained 1.58 percent on the buzz that the British Airways-parent plans to offer €1.52 billion for Norwegian Air Shuttle.

Commodities trader Glencore rose 1.93 percent following reports that it is facing a bribery probe over its Congolese operations.

House prices in the United Kingdom were up 0.8 percent on month in May, property tracking website Rightmove said on Monday. That followed the 0.4 percent monthly increase in April.

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This article appears in: Stocks , World Markets , Politics
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