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European stocks rise as US-EU Trade Tensions Cool



European markets have shaken off weak trade in Asia to make a profit as investors welcomed an agreement between the US and the European Union to exercise new tariffs while offsetting trade differences.

The Stoxx Europe 600 gained 0.5% in morning trade, led by 1.5% growth in the auto sector.

European car companies were under pressure after the president

Donald Trumps

Threats to raise tariffs on imports. But after the meeting of Mr Trump and the President of the European Commission on Wednesday

Jean-Claude Juncker,

the two sides agreed to delay such action.

The two leaders also agreed that they expressed their differences and started talks to facilitate the existing tariffs, although no timetable was set for the negotiations.

The announced measures would lead to the EU buying more liquefied natural gas and soybeans from the US

"Signs of compromise are much clearer in markets where there is a threat of total trade wars."

German bank

Strategists wrote on Thursday in a note.

In Asia, the Shanghai Composite Index fell 0.7%, Hong Kong's Hang Seng fell 0.6% and Japan's Nikkei 0.1

%.

While trade tensions on the European front eased, US-China trade relations worsened another hook Wednesday Wednesday

Qualcomm

said it would give up its $ 44 billion purchase of the Dutch chipmaker

NXP Semiconductors

after it had not been approved in China. The deal was approved by eight other regulators, but was withheld by China's antitrust authorities.

Qualcomm's decision to walk followed a series of last-minute lobbying for senior US officials, including finance ministers

Steven Mnuchin

and Secretary of Commerce

Wilbur Ross.

Elsewhere, 10-year Treasury yields rose from 2.936% on Wednesday to 2.963%. Yields rise with falling prices.

For Brent crude, the global benchmark rose 1% to $ 74.66 a barrel, while gold fell 0.2% to $ 1,229.70 an ounce.

Write to Ben St. Clair at ben.stclair@wsj.com


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