BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - The European markets ended Thursday's session sharply higher after concerns over a potential trade war between the U.S. and China relaxed. Traders seem optimistic that the tariffs and threats from the two nations are only a precursor to negotiations of a trade agreement between them.
Markets in Europe opened higher Thursday following yesterday's gains on Wall Street as well as the performance of the Asian markets overnight. Markets across the pond accelerated higher in the afternoon, following the release of some U.S. economic data. Traders are also looking forward to tomorrow's U.S. employment report.
The pan-European Stoxx Europe 600 index advanced 2.40 percent. The Euro Stoxx 50 index of eurozone bluechip stocks increased 2.70 percent, while the Stoxx Europe 50 index, which includes some major U.K. companies, added 2.53 percent.
The DAX of Germany climbed 2.90 percent and the CAC 40 of France rose 2.62 percent. The FTSE 100 of the U.K. gained 2.35 percent and the SMI of Switzerland finished higher by 2.21 percent.
In Frankfurt, Steinhoff International Holdings N.V. rose 3.43 percent. The company announced its Supervisory Board has taken note of the concerns raised by stakeholders in connection with the previously proposed remuneration of the Supervisory Board.
In Paris, video games maker Ubisoft surged 10.77 percent, buoyed by record global sales of its 'Far Cry 5' shooting game.
In London, advertising group WPP climbed 3.97 percent after settling a lawsuit brought by an employee that alleged racist and sexist behavior by a top executive at one of its premier agencies.
Sophos soared 15.53 percent after the cybersecurity firm said billings for the year would come in at the top end of its guidance.
Electrocomponents jumped 3.39 percent after saying its full-year adjusted pretax profit would be slightly ahead of previous expectations.
Ahold Delhaize N.V. rose 1.60 percent in Amsterdam after announcing the appointment of Frans Muller as new Chief Executive Officer, effective July 1.
Eurozone private sector activity expanded at the weakest pace since the start of 2017 as rates of growth moderated in both manufacturing and services, final data from IHS Markit showed Thursday. The composite output index fell to 55.2 in March from 57.1 in February. The score was also below the flash estimate of 55.3.
Eurozone retail sales increased at a slower-than-expected pace in February after falling in the previous two months, data from Eurostat showed Thursday. The volume of retail sales edged up 0.1 percent month-over-month in February, reversing January's 0.3 percent drop, which was revised from a 0.1 percent fall reported earlier.
Eurozone producer price inflation held steady in February after easing in the previous two months, data from Eurostat showed Thursday. Producer prices climbed 1.6 percent year-over-year in February, the same rate of increase as in January, which was revised up from 1.5 percent.
Germany's factory orders recovered in February on foreign demand, figures from Destatis revealed Thursday. Factory orders rose 0.3 percent month-on-month in February, reversing a revised 3.5 percent decrease seen in January. Nonetheless, the pace of expansion was much weaker than the expected 1.5 percent rise.
The UK service sector expanded at the weakest pace since July 2016 due to bad weather, survey data from IHS Markit showed Thursday. The IHS Markit/Chartered Institute of Procurement & Supply Purchasing Managers' Index fell more-than-expected to 51.7 in March from 54.5 in February. The score was forecast to drop to 54.0.
With the release of the more closely watched monthly jobs report looming, the Labor Department released a report on Thursday showing a bigger than expected increase in first-time claims for U.S. unemployment benefits in the week ended March 31st.
The report said initial jobless claims climbed to 242,000, an increase of 24,000 from the previous week's revised level of 218,000. Economists had expected jobless claims to rise to 225,000 from the 215,000 originally reported for the previous week.
A report released by the Commerce Department on Thursday showed the U.S. trade deficit widened by more than anticipated in the month of February. The Commerce Department said the trade deficit widened to $57.6 billion in February from a revised $56.7 billion in January.
Economists had expected the trade deficit to widen to $56.8 billion from the $56.6 billion originally reported for the previous month.
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