October 9, 2019 / 9:47 AM / 2 months ago

European shares, yuan rally on report that China open to partial U.S. trade deal

FILE PHOTO: The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, October 7, 2019. REUTERS/Staff

MILAN (Reuters) - European shares moved sharply higher and the Chinese currency in the offshore market jumped on Wednesday after a Bloomberg report said China was still open to agreeing a partial trade deal with the United States.

The pan European STOXX 600 stock benchmark was up 0.7% by 0930 GMT, while Germany's trade-sensitive DAX .GDAXI gained 1.3% to hit a one-week high.

The news of a partial trade deal rippled through currency markets sending trade-oriented currencies such as the Australian dollar and the kiwi dollar rallying to the day’s highs.

The Chinese currency in the offshore market CNH=D3 strengthened 0.5% to 7.1336 yuan per dollar.

Citing an unnamed official with direct knowledge of the talks, Bloomberg said China would accept a limited deal as long as no more tariffs are imposed. In return, Beijing would offer non-core concessions like purchases of agricultural products, the report said.

Reporting by Danilo Masoni and Noah Sin in HONG KONG; Editing by Saikat Chatterjee

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below