European shares at record high on China plan to cut tariffs on some U.S. imports

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(Reuters) – European shares rose to a record high on Thursday, helped by China’s plan to cut tariffs on some U.S. goods and a swathe of strong earnings.

The pan-European STOXX 600 index () rose as much as 0.7% to a record high of 426.700.

China said on Thursday it plans to halve tariffs on some U.S. goods, which could help improve negotiating conditions for a second phase of a trade deal after the signing of a Phase 1 agreement between the two countries earlier this year.

The initial agreement had signaled no further escalation in a prolonged trade war which had severely hampered global economic growth.

In Europe, China-sensitive basic resources () and automobile () subindexes rose 1.8% and 1%, respectively.

France’s third-biggest bank Societe Generale SA (PA:) rose 0.5% after reporting a stronger capital position in its fourth-quarter results.

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