European markets traded higher Thursday morning after China reportedly said the world's two largest economies had agreed to cancel additional tariffs imposed in their months-long trade war.
The pan-European Stoxx 600 climbed 0.4% at 406.69 in early trade, with basic resources, autos and travel and leisure stocks all rising more than 1% as most sectors and major bourses entered positive territory. Utilities and telecoms were the main outliers, each shedding 0.6%.
Reuters reported Thursday morning that China's commerce ministry said Washington and Beijing had over the past two weeks agreed to a phased removal of duties on billions of dollars' worth of each other's goods.
Commerce ministry spokesman Gao Feng reportedly added that the cancellation would be important for the two sides to reach a "phase one" trade deal.
Source : CNBC