European Shares Advance On Hopes Of Trade Deal, Stimulus
(RTTNews) - European stocks were moving higher on Wednesday as investors cheered signs of a thaw in the U.S.-China trade dispute.
Ahead of talks scheduled for next month, China announced that it would exempt 16 American-made products from tariffs as a sign of goodwill.
The list included varieties of animal feed such as alfalfa and fish meal, cancer drugs gefitinib and capecitabine, base oil for lubricants and lubricating grease, and some farm chemicals.
Investors also shifted their focus to bets on near-term stimulus from the world's biggest central banks.
Analysts are split over what to expect from the European Central Bank (ECB) on Thursday, while the Federal Reserve is expected to cut interest rates once again when it meets next week.
The pan European Stoxx 600 was up half a percent at 388.54 after rising 0.1 percent the previous day.
The German DAX was climbing 0.7 percent, France's CAC 40 index was up 0.3 percent and the U.K.'s FTSE 100 was rallying 0.8 percent.
Trade-sensitive automakers were moving higher, with BMW, Daimler, Volkswagen, Renault and Peugeot climbing 1-2 percent.
Banks Commerzbank, Deutsche Bank and Societe Generale were up around 1 percent.
German science and technology company Merck KGaA gained 1 percent after it won FDA breakthrough therapy designation for its prospective lung cancer treatment tepotinib.
French retailer Casino advanced 1.4 percent on the buzz that rival Carrefour is weighing a possible bid potentially through an all-share deal.
Consumer goods giant Unilever slid half a percent and the world's biggest spirits company Diageo edged down slightly as Labour's deputy leader Tom Watson sparked fury by calling for a second EU referendum before a general election.
Galliford Try, a construction and housebuilding company, rallied 2.3 percent after restarting talks to sell its housebuilding arm to Bovis Homes for £1.1bn.
Capital & Regional shares soared 10.8 percent. The manager of property assets said South Africa's Growthpoint Properties was in talks to buy a majority stake.
Pharma services provider Consort Medical tumbled 3.4 percent after warning that full-year profit could be hurt by up to GBP9.0 million.
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