European Shares Advance As Trade Tensions Ease

European stocks rose on Friday and remained on track for a second week of gains as China refrained from detailing retaliation plans against the latest U.S. tariffs.

Amid little economic news, traders looked forward to earnings results from U.S. financial giants for direction.

The pan-European Stoxx Europe 600 index was up 0.2 percent at 385.22 in late opening deals after climbing 0.8 percent on Thursday.

The German DAX and France’s CAC 40 index were up around 0.3 percent, while the U.K.’s FTSE 100 was gaining 0.6 percent.

The British pound drifted lower against its major opponents after a warning from U.S. President Donald Trump that Prime Minister Theresa May’s current ‘soft-Brexit’ proposal with the EU would probably “kill” any future trade deals with the United States.

In an interview with The Sun, Trump said that PM’s “soft Brexit” strategy would “affect trade with the United States, unfortunately in a negative way.”

“If they do a deal like that, we would be dealing with the European Union instead of dealing with the U.K., so it will probably kill the deal,” Trump told the paper.

Ryanair Holdings rose about 1 percent after it received EU approval to buy a 75 percent interest in Austrian airline, Laudamotion, in which it already owns 24.9 percent.

Ashmore Group rallied 3.4 percent. The specialist Emerging Markets asset manager reported a drop in assets under management despite net inflows in its fourth quarter.

Recruitment firm Hays jumped more than 5 percent after its Group net fees for the fourth quarter increased 14 percent on a headline basis and 15 percent on a like-for-like basis against the prior year.

Switzerland’s GAM Holding slumped 8.7 percent after a profit warning.

by RTTNews Staff Writer

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