European Shares Surge As Sino-US Tensions Ease
(RTTNews) - European stocks advanced on Friday after a White House official said the United States has struck a deal with China to expedite rare earth shipments, marking a significant step towards resolving their ongoing trade war.
Beijing said Washington would lift "restrictive measures" while Beijing would "review and approve" items under export controls.
The pan European STOXX 600 jumped 0.9 percent to 542.15 and was on track to log its first weekly gain in three weeks.
The German DAX gained 0.9 percent, France's CAC 40 rallied 1.2 percent and the U.K.'s FTSE 100 was up half a percent.
Automakers BMW, Mercedes Benz, Renault and Volkswagen were up 1-2 percent.
RTL Group shares soared 16 percent. In an unexpected move, the German broadcast giant has agreed to acquire German pay-TV Sky Deutschland.
Switzerland's Sika added 1.3 percent after buying Qatar-based Gulf Additive Factory.
Bayer AG rose nearly 2 percent as it secured the European Commission's approval for the eight-milligram dose of its Eylea drug.
Sportswear makers Puma and Adidas surged 4-5 percent after U.S. peer Nike forecast a smaller-than-expected decline in its Q1 revenue.
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