BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - European stocks advanced on Thursday as fears related to the coronavirus eased, a clutch of positive data pointed to strength in the U.S. economy and China said it would slash tariffs on $75 billion of U.S. imports in half as part of its efforts to implement a recently signed trade deal.
China's finance ministry said that from 14 February it would lower tariffs on some U.S. goods from 10 percent to five percent and on others from five percent to 2.5 percent
Hopes of additional Chinese stimulus to lessen the economic impact of a coronavirus outbreak and strong U.S. economic data released overnight also offered some support.
The pan European Stoxx 600 rose 0.3 percent to 424.81 after rising 1.2 percent in the previous session. The German DAX and France's CAC 40 index were up around 0.6 percent, while the U.K.'s FTSE 100 was moving up 0.2 percent.
Deutsche Bank shares surged 4.6 percent. The Capital Group Companies, Inc. holds a 3.1 percent stake in the German lender, making the Los Angeles-based firm one of its largest shareholders, according to a regulatory filing.
Osram Licht AG, a manufacturer of lamps, lighting systems and electronic control gears, gained over 1 percent after confirming its FY20 outlook.
French lender Societe Generale SA climbed 1.3 percent after it reported a stronger capital position in its fourth-quarter results and announced plans for possible stock buybacks.
Energy giant Total SA gained 1.9 percent. The company announced an agreement with Adani Group, India's largest privately-owned energy and infrastructure conglomerate, for the growth of solar power generation in the country.
Pharmaceutical company Sanofi rallied 2.3 percent after reporting positive results in a study of its new pill to treat multiple sclerosis.
Compass Group shares rallied 2.5 percent. Ahead of its Annual General Meeting, the catering group said it has had an 'encouraging' start of the year.
Royal Mail, a provider of postal and delivery services in the U.K., slumped 9 percent after a warning that its U.K. business could be loss making next year.
Risk insurance and reinsurance provider Beazley Group jumped 6.5 percent after its fiscal 2019 profit before tax surged 250 percent to $267.7 million from last year's $76.4 million.
Ashmore Group, a specialist Emerging Markets asset manager, climbed 3.4 percent after its profit before tax for the six months ended 31 December 2019 increased 42 percent.
Nokia Corp rallied 3.2 percent after the Finnish telecom equipment maker reported a profit for the fourth quarter that more than doubled from last year.
ArcelorMittal surged as much as 10 percent as the steelmaker reported a higher operating profit in the fourth quarter and announced a dividend that beat consensus estimates.
In economic news, investors shrugged off data from Destatis showing that Germany's factory orders decreased unexpectedly in December.
Factory orders fell 2.1 percent month-on-month in December, following a revised 0.8 percent drop in November. Orders were forecast to grow 0.7 percent.
The National Institute of Economic and Social Research said the U.K. economy is likely to grow below the target set by the government.
According to NIER, the economy will grow around 1.5 percent in 2020 and next year. The inflation is set to remain a little below the Bank of England's 2 percent target this year.
European Central Bank Vice-President Luis de Guindos said today that there is a need to rebalance capital buffer rules that help to mitigate economic deleveraging during downturns.
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