On Thursday, the 7th of November 2019, a basket of European bourses had scored a straight fifth session of gain, while a majority of the European stock exchanges had spiked to their highest closing levels in more than four years as investors’ optimism was animated following release of a riant press briefing from Chinese Commerce Ministry spokesman, Gao Feng, claiming that both China and the United States had reached an initial accord to ward off some of the tariff hikes in phases as part of an interim trade deal, dubbed as a “Phase One” trade accord by the US President Donald Trump scheduled to be rubber stamped as early as by mid-November.
Aside from hopes of a Sino-US trade deal and backing off of some of the tariffs imposed earlier on each other’s goods by the United States and China, a raft of robust earnings’ report had fuelled up European shares’ rally on Thursday’s (November 7th) market.
Quoting statistics, on Thursday’s (November 7th) European market wrap-up, London’s FTSE 100 scored a gain of 0.13 per cent to 7,406.60, Frankfurt’s trade-sensitive DAX added 0.86 per cent to 13,293.36 over modest gains of its stocks heavily exposed to China trading and French CAC 40 rose 0.40 per cent to 5,890.17, while Madrid’s IBEX 35 index added 0.39 per cent to round off Thursday’s (November 7th) market at 9,435.10.
Elsewhere in the Europe, Italy’s MIB FTSE surged 0.56 per cent to 23,503.03 on Thursday’s (November 7th) market wind down, while referring to a plausible Sino-US trade deal driving this week’s rally, an ING analyst, Timme Spakman said on Thursday’s (November 7th) market closure, “Most market-optimism this week has been induced by the increasing chances of a mini trade deal between the U.S.
and China. There are still hurdles to be (crossed) but it is positive that not only U.S. officials are optimistic but Chinese negotiators are sending positive signals as well. ”