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European Markets Close On Buoyant Note On Trade Deal Optimism

(RTTNews) - European markets ended the first trading session of the new year on a high note, as stocks climbed higher on Thursday, buoyed by optimism about a U.S.-China trade deal after U.S. President Donald Trump said the phase one trade agreement would be signed in the middle of this month.

Trump said the deal is due to be signed during a White House ceremony on January 15th. He also posted on Twitter a couple of days ago that he would travel to Beijing at a later date to begin talks on phase two of a trade agreement.

Recent reports have indicated Chinese Vice Premier Liu He, Beijing's top trade negotiator, will be on hand to sign the phase one deal this month.

News of monetary policy easing by China helped as well in lifting investor sentiment. The People's Bank of China said it would cut banks' reserve requirement ratio by 50 basis points on Jan. 6, freeing up more than US$ 100 billion for loans to small businesses.

The pan European Stoxx 600 gained 0.93%. Among the major markets in Europe, the U.K., Germany and France, all ended on upbeat note. The U.K.'s FTSE 100 gained 0.82%, while Germany's DAX and France's CAC 40 ended higher by 1.03% and 1.06%, respectively. The Switzerland stock market remaned closed for New Year holidays.
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