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MARKETS-EUROPE-OPEN
European stock markets rise at open
LONDON, July 26, 2018 (BSS/AFP) – Europe’s stock markets advanced in
opening trade Thursday on investor relief at US President Donald Trump and
European Commission chief Jean-Claude Juncker’s plan to ease trade tensions.
In initial deals, London’s benchmark FTSE 100 index added 0.2 percent at
7,676.67 points compared with Wednesday’s closing level.
In the eurozone, Frankfurt’s DAX 30 jumped 1.2 percent to 12,732.88
points, with carmakers accelerating on the back of the plan, while the Paris
CAC 40 won 0.7 percent to 5,463.29.
Trump and Juncker announced the agreement after talks Wednesday at the
White House, as the two major economies sought to end the dispute that had
rattled markets and sparked fears of an all-out global trade war.
Washington will not now follow through with a threat to impose tariffs on
autos, which would hurt the dominant German car industry, while the pair also
vowed to look at existing duties on steel and aluminium imposed by the US.
The news sent Frankfurt equities revving higher, with carmakers BMW and
Volkswagen adding more than four percent in value.
European investors meanwhile faced an avalanche of company results.
Traders pored over the latest numbers from aircraft manufacturer Airbus,
auto giant Daimler, drinks group Diageo, energy majors Shell and Total, and
pay TV operator Sky.
BSS/AFP/HR/1345