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European Shares Rise On Trade Hopes


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(RTTNews.com) - European stocks rose broadly on Monday after U.S. President Donald Trump said Friday that China wants to make a deal on trade with the United States, but any pact has to be reciprocal.

Trump's comments helped raise hopes that the U.S. and China will agree on at least "a deal to get a deal" when Trump and Chinese President Xi Jinping meet in Argentina later this month.

The undertone, however, remained cautious after U.S. Vice President Mike Spence said the U.S. would not back down from its trade dispute until China changes its ways.

The pan-European Stoxx Europe 600 index was up 0.4 percent at 359.20 in opening deals after declining 0.2 percent on Friday.

The German DAX was moving up 0.4 percent, France's CAC 40 index was rising 0.6 percent and the U.K.'sFTSE 100 was gaining 0.2 percent.

The dollar fell against the euro after two U.S.Federal Reserve officials cautioned about global economic growth. The British pound edged higher against major currencies ahead of Prime Minister Theresa May's speech at the CBI annual conference.

Technology stocks recovered from last week's selloff, with AMS rallying 3.5 percent and STMicroelectronics climbing 2.4 percent.

Italian telecom giant Telecom Italia jumped 3.8 percent. The company's board has appointed Luigi Gubitosi as its new CEO and General Manager, by a majority vote.

Novo Nordisk shares advanced 2.5 percent after JP Morgan upgraded its rating on the stock to "overweight".

Airline easyJet rose 1.2 percent ahead of its annual results due on Tuesday, while Kingfisher climbed 2.6 percent.

Miners Antofagasta, Anglo American and Glencore all rose more than 1 percent, tracking an uptick in copper prices.

French automaker Renault tumbled more than 11 percent on a report that Nissan chairman Carlos Ghosn is facing arrest for alleged financial trading violations.

In economic releases, Eurozone's current account surplus decreased in September, figures from the European Central Bank showed.

The current account surplus fell to EUR 17 billion from EUR 24 billion in August. In the same month last year, the surplus was EUR 40 billion.

Separately, figures from property market data website Rightmove revealed that U.K. house prices declined sharply in November at the fastest monthly pace in seven years. Average asking prices dropped GBP 5,222 or 1.7 percent month-on-month to GBP 302,023 in November.


Read the original article on RTTNews (http://www.rttnews.com/2956123/european-shares-rise-on-trade-hopes.aspx) 

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This article appears in: World Markets , Economy , Banking and Loans , US Markets , Stocks



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