European Shares Advance On Trade Optimism

(RTTNews) - European stocks gained ground on Thursday to hit over four-year high after China and the United States reportedly agreed to cancel tariffs on each other's goods for both sides to reach a "phase one" trade deal.

The two sides have agreed in the past two weeks to cancel tariffs imposed during their months-long trade war in different phases, the Chinese commerce ministry said.

The proportion of tariffs cancelled must be the same, and how many tariffs should be cancelled can be negotiated, Gao Feng, spokesman at the commerce ministry, told reporters.

The pan European Stoxx 600 was up 0.4 percent at 406.61 after rising 0.2 percent in the previous session. The German DAX was climbing 0.7 percent and France's CAC 40 index was edging up 0.3 percent.

The U.K.'s FTSE 100 was moving up 0.4 percent ahead of the Bank of England's latest policy decision, updated economic forecasts and quarterly inflation report.
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