2018-11-15
European shares rallied on Thursday as oil prices steadied as miners surged on hopes that China and the United States could reach a settlement to end their protracted trade dispute, which was overshadowed by bad news in the technology sector.
The Stoxx 600 index gained 0.2 percent at 0844 GMT and the German, Spanish and French bourses rose more than 0.4 percent. The performance of the British Financial Times index exceeded the euro zone's indexes as sterling fell 0.3 percent.
 
The sentiment was reinforced after China delivered a written response to US demands for wide-ranging trade reforms ahead of an expected meeting between Chinese President Xi Jinping and his US counterpart Donald Trump later this month.
 
The European core materials sector rose 1.1 percent, a key sector benefiting from the easing of trade tension between the world's two largest economies. The sector was also supported by high copper and industrial metals prices and the fall of the US dollar.
 
Britain's Capital Group Asset Management jumped 9.4 percent to top the Stoxx index and London's mid-range index after the company reported net cash flows.
 
French shares rose 3.4 percent after the company reported better-than-expected earnings in the first nine months of the year.
 
The auto sector slipped 1.4 percent after the Chinese government eased hopes that Beijing would cut taxes on car purchases in a bid to boost demand and revive the world's second-largest economy.
 
Germany's Daimler (Daimler) is down on DAX, weighed down by Citi's downgrade.