European shares at record high on China plan to cut tariffs on some U.S. imports
- European shares rose to a record high on Thursday as China’s intention to cut tariffs on U.S. goods and a swathe of strong bank earnings energized equity markets.
China said on Thursday it intends to halve tariffs on some U.S. goods next week, which could help improve negotiating conditions for a second phase of a trade deal after the signing of a Phase 1 agreement between the two countries earlier this year. “Generally the mood in the market appears to be positive... The markets that have suffered the most when the virus outbreak was announced are now up,” said Simona Gambarini, markets economist at Capital Economics in London.
France’s third-biggest bank Societe Generale SA rose 1.3% after reporting a stronger capital position in its fourth-quarter results.
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