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German stocks jumped six weeks on Thursday as European equity markets were higher, with auto manufacturers' shares finding relief after the truce of the top European official on trade issues with US President Donald Trump.
Gains were made before the European Central Bank released its latest monetary policy decision after policymakers announced in June that they would cut asset purchases from October onwards. .
What are the markets doing?
DAX 30 German Index
DAX, + 1.37%
jumped 1.5% to 12,767.28, heading to its best session since June 14, according to data from FactSet.
The surge in German stocks contributed to the Stoxx Europe 600 index
SXXP, + 0.54%
up 0.5% to 389.08, leading consumer goods and technology groups. But the oil and gas, basic materials and health care sectors have lost ground. The pan-European index fell 0.3% on Wednesday.
CAC 40 index of France
PX1, + 0.70%
gained 0.7% to 5,463.96, and Spain IBEX 35
IBEX, + 0.87%
increased 0.4% to 9,746.80. But the FTSE 100 index of the United Kingdom
UKX, + 0.02%
decreased by 0.1% to 7,653.74.
Check out: European luxury stocks face a 30% decline in total trade war, says UBS
The euro
EURUSD, -0.1194%
traded at $ 1,179, unchanged from Wednesday night in New York. The shared currency was also unchanged against the pound sterling
EURGBP, -0.125%
to 0.8891 pence.
The actions of automakers were among the best in the market after European Commission President Jean-Claude Juncker and Trump declared Wednesday after the conclusion of the European market that they had agreed to work for "zero rates" and "zero". Trump had threatened to impose tariffs on European automobiles, but said he would not allow retaliation as long as talks continued.
Trump, who met Juncker at the White House, also said that the EU would buy more soybeans from the US and that it would work toward the resolution of customs duties on the United States. European steel and aluminum. Trump, who recently called the EU "enemy" of the United States, tweeted Wednesday a message of love towards the bloc:
Clearly, the Union European, represented by @JunckerEU and the States, represented by yours, like it! pic.twitter.com/42ImacgCN0
– Donald J. Trump (@realDonaldTrump) July 25, 2018
Read more: Trump salutes "the big day" for free trade as it strikes temporary pact with the head of the EU
And see: Text of the US-European trade agreement statement
The "Donald Trump against Jean- Claude Juncker face to face … it's better than anyone could have expected, "said Connor Campbell, a financial analyst at Spreadex, in a note. "Although there is not much substance to what has been announced, with the fact that the relationship has not worsened to be more noticeable than the trading plans, it was enough to cheer up previously fearful markets. "
Do not miss it: The Trump-Juncker agreement is significant even though it is not accurate
The President of the European Central Bank, Mario Draghi, will probably be asked about relations between the EU and the United States. commercial truce when he holds a press conference after the ECB's monetary policy decision. The ECB is expected to make waves on Thursday after announcing in June that it would ease its asset purchases by the end of the year and hinted that rate hikes are not going to increase. Would not take place before the end of 2019.
The ECB statement is at 12:45 London time, or 7:45 am Eastern time, followed by the conference of Draghi press at 1:30 pm London time, or 8:30.
Read: Euro traders are turning to Friday's US GDP figures as a potential
Stock movers
The Stoxx Europe 600 Automobiles & index parts
SXAP, + 2.04%
climbed 1.7%, with Fiat Chrysler Automobiles NV
FCA, + 4.19%
up 4.2%, Volkswagen AG
VOW3, + 3.10%
up 3.2% and BMW AG
BMW, + 2.88%
gaining 2.6%. Renault SA
RNO, + 2.04%
increased by 1.6% and Daimler AG
DAI, + 1.95%
increased by 1%.
Daimler recorded a sharp drop in its second-quarter profit to 1.73 billion euros, tariffs related to the US trade dispute with China hurting Mercedes-Benz Cars and Germany a heavy load.
Airbus SE
AIR, + 4.84%
jumped 4.1% after the aircraft manufacturer announced that its profit had almost doubled to 1.2 billion euros (1, $ 4 billion).
Cobham PLC
COB, -10.71%
sank 9.8% after the British aerospace and defense engineer said Boeing Co.
BA, -0.66%
blocks the payment of the KC-46 tanker program. But Cobham has supported its forecast of underlying earnings for 2018.
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