European Stock Markets Surge on U.S.-China Trade Truce
(MENAFN) European stock markets concluded the final trading day of the week with gains, buoyed by optimism surrounding potential advancements in the ongoing trade dispute between the United States and China.
At the closing bell, the pan-European benchmark Stoxx Europe 600 index climbed 0.44% to settle at 537.96 points.
Key national indices also saw positive movement. In the United Kingdom, the FTSE 100 index advanced by 0.27% to reach 8,554.8 points. Germany's DAX 40 index surged by 0.63%, hitting a new record high of 23,499.32 points.
France's CAC 40 index experienced a gain of 0.64%, closing at 7,743.75 points, while Italy's FTSE MIB 30 index saw the most significant increase among the major European markets, rising by 1.02% to trade at 39,369.99 points.
Currency markets also reacted, with the euro/dollar parity increasing by 0.54% to 1.129 as of 1650GMT.
The positive sentiment across European markets was largely attributed to growing expectations of a potential de-escalation in trade tensions between Washington and Beijing. Investors reportedly welcomed news of upcoming high-level discussions scheduled to take place in Switzerland. These talks aim to address the trade friction that has intensified recently following the reciprocal implementation of substantial tariffs.
This meeting will mark the first in-person engagement between the two nations since US President Donald Trump's administration imposed a significant 145% tariff on goods originating from China in April. Market participants are hopeful that these discussions will pave the way for a resolution to the protracted trade dispute that has cast a shadow over global economic prospects.
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