(RTTNews.com) - European stocks rose on Thursday, with automakers leading the surge, after U.S. President Donald Trump and European Commission President Jean-Claude Juncker agreed to work toward zero tariffs, easing immediate concerns about global trade.
Investors kept an eye on the ECB's monetary policy meeting later today, although no immediate changes to policy are expected.
The pan-European Stoxx Europe 600 index was up 0.6 percent at 389.62 in late opening deals after declining 0.3 percent the previous day.
The German DAX was rallying 1.5 percent and France's CAC 40 index was up 0.8 percent while the U.K.'s FTSE 100 was marginally lower in choppy trade on uncertainty about the Brexit process.
BMW, Volkswagen, Renault and Peugeot climbed 2-4 percent after the U.S. and the EU agreed to hold off on further tariffs, including potential U.S. tariffs on cars and auto parts.
Daimler also gained over 2 percent despite reporting a fall in its second-quarter net profit.
Nokia Corp slumped nearly 8 percent after it posted a loss in the Q2 that narrowed from last year.
Nestle rallied 2.6 percent on reporting a rise in first-half profit and confirming its FY18 outlook.
French eye-care firm Essilor advanced 2.5 percent. The company confirmed its FY18 view and said it is making progress in the completion of its merger with Italian peer Luxottica.
Airplane manufacturer Airbus soared 5 percent after its Q2 core profit doubled.
Shares of Cobham slumped 10 percent in London after the military and civil systems provider issued progress update regarding the US KC-46 Tanker Program.
GlaxoSmithKline lost 3 percent. The company is acquiring a $300 million stake in genetic-testing company 23andMe Inc.
British American Tobacco rallied 5.3 percent after its first-half revenue jumped 57 percent despite slowing growth in Japan for tobacco-heated products.
Specialty chemicals maker Johnson Matthey dropped over 1 percent after delivering fist-quarter sales in line with its expectations.
Smith & Nephew soared 4 percent after confirming its full-year guidance
In economic releases, Germany's consumer confidence is set to weaken slightly in August, survey data from market research group GfK showed.
The forward-looking consumer sentiment index fell to 10.6 from 10.7 in July. The score was forecast to remain unchanged at 10.7.
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