12/7/2018, 9:17 AM (Source:
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Europe trades higher on reduced trade concerns

European stock markets traded higher shortly after the opening bell on Friday to bounce back from yesterday's two-year lows, and following a turbulent session on Wall Street in which the Dow Jones ended just 79 points lower despite falling nearly 800 points at one point.

Investors' optimism was lifted after the Chinese Commerce Ministry expressed satisfaction with last weekend's meeting between the country's President Xi Jinping and his American counterpart Donald Trump. The ministry also expressed confidence that a trade deal will be reached during the 90-day trade truce agreed between Xi and Trump. Shortly after, Trump responded by agreeing to Beijing's statement.

The FTSE 100 traded 0.95% higher shortly after the opening bell, with Scottish Mortgage Investment Fund the best performer. The DAX gained 0.46%, helped by Wirecard's over 4% rise. Meanwhile, the CAC 40 added 0.93% in the first minutes of trading, with Capgemini contributing the most. The euro was 0.09% lower against the dollar to sell for 1.1371, while the pound decreased by 0.27% versus the US currency to change hands for 1.2755 at the same time.

Breaking the News / FH