European stocks move higher as China-US trade talks wrap up – CNBC

The pan-European Stoxx 600 was up by 0.6 percent with every sector in positive territory. Autos and Basis Resources were the best performing sectors in early deals on the back of hopes of a trade agreement between Beijing and Washington.

U.S. and Chinese officials prolonged their trade talks into a third day amid some progress in areas such as energy commodities. The Chinese foreign ministry said Wednesday that the talks have concluded and the results will be released soon. President Donald Trump tweeted Tuesday “Talks with China are going very well.”

Looking at some individual stock performances, AMS, a European supplier of Apple, dropped more than 3 percent after a report showed that the iPhone maker has reduced production for some of its phones in the first quarter.

Sainsbury’s dropped more than 2 percent too after reporting lower-than-expected underlying sales in the Christmas period. On the other hand, Ted Baker rose on the news that it registered higher retail sales in the festive season.

U.K. housebuilders also traded higher following a trading update by Taylor Wimpey. The company said that it sees solid sales in 2019.

Also in the corporate world, Deutsche Bank has decided to slash bonuses for its investment bankers after a difficult year.

Investors are also monitoring any signs of a potential economic slowdown in the world economy. The World Bank said Tuesday that it expected global growth to slow to 2.9 percent this year.

Meanwhile, Europe remains attentive to politics, with the U.K. Parliament expected to vote on the government’s deal with the EU on January 15. The U.K. is set to leave the European Union on March 29.

In terms of data, there will be unemployment figures out in the euro area at 10 a.m. London time.

Source link

Leave a Reply

Your email address will not be published.