By Investors Hub
European stocks have moved sharply higher on Monday after U.S. President Donald Trump and Chinese President Xi Jinping agreed to a 90-day truce in their escalating trade war, helping ease investor concerns over slowing global growth.
Traders also looked ahead to a weeklong debate on the Brexit deal before a final vote in parliament on December 11th.
While the German DAX Index is up by 2.1 percent, the U.K.?s FTSE 100 Index is up by 1.6 percent and the French CAC 40 Index is up by 0.9 percent.
Miners Anglo American, Antofagasta and Glencore have soared, while oil giant BP Plc and Tullow Oil have also moved significantly higher.
German automakers BMW, Daimler and Volkswagen have also spiked after China agreed to slash auto import tariffs. Banks have also strengthened.
Standard Chartered has jumped in London on a Bloomberg report that the bank is cutting jobs in Dubai and key markets including Singapore as it looks to curb expenses.
Swiss drug major Novartis has also advanced after the U.S. FDA accepted its Biologics License Application for AVXS-101, now known as ZOLGENSMA, an investigational gene replacement therapy for the treatment of spinal muscular atrophy.
In economic news, Eurozone manufacturing growth slowed less than expected in November amid marginal growth in output and weak business confidence, final data from IHS Markit showed.
The manufacturing purchasing managers’ index fell to 51.8 in November from 52 in October, hitting the lowest level since August of 2016. The flash reading was 51.5.
Elsewhere, U.K. manufacturing growth recovered from a 27-month low in November on the back of a rise in domestic new orders and stock building, a survey showed. IHS Markit’s Purchasing Managers Index for the industry rose to 53.1 from 51.1 in October.
Adedapo Adesanya