Markets

CAC 40 Inches Higher On Trade Deal Hopes

(RTTNews) - French stocks were moving higher on Friday after White House economic adviser Lawrence Kudlow told reporters the U.S. and China are getting close to a 'phase one' agreement on trade.

He cited 'very good progress' but added President Donald Trump isn't ready to make a commitment.

A spokesperson for China's commerce ministry said that the two countries are holding "in-depth" discussions on the 'phase one' trade deal, and that canceling tariffs is an important condition for reaching an agreement.

In another significant development, Beijing lifted a nearly five-year ban on imports of U.S. poultry meat, a move that could lead to more than $1 billion in annual shipments to China.

The benchmark CAC 40 was up 30 points, or 0.50 percent, at 5,930 after closing 0.1 percent lower the previous day.

Orange shares rallied 2.4 percent. The country's biggest telecoms operator said it is preparing to split its mobile towers unit into a separate company.

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