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U.S.-China trade deal rallies European stocks on the first day of 2020 trading

Thursday, January 2, 2020

European stocks started the new year with a rally on Thursday as trade optimism continued and China’s central bank gave markets a boost.

The Stoxx 600 SXXP, +0.97% jumped 1%, along with the FTSE 100 UKX, +0.97% , while the French CAC PX1, +1.23% climbed 1.4% in early trading. The German DAX DAX, +1.00% gained 0.9% and Italy’s FTSE MIB I945, +1.30% rose 1.4% on the first morning’s trading of 2020.

What’s moving the markets?

After a strong end to 2019 followed by the New Year’s holiday, renewed optimism over a U.S.-China trade deal helped propel European stocks higher on the first day of 2020 trading. President Trump also plans to visit Beijing to begin talks on a ‘phase 2’ deal, while ‘phase 1’ will be signed in a White House ceremony on Jan.15.

China’s central bank added to the feel-good factor, announcing on Wednesday it would cut the amount of money banks will be required to have on hand from Monday - in a bid to boost the slowing economy. The reserve requirement ratio will be cut by 50 basis points, which is expected to release about 800 billion yuan ($114.6 billion) into the economy.

Which stocks are active?

Tullow Oil TLW, -6.81% fell 3.5% after the company said it found four metres of net oil pay at its offshore Guyana well, which was less than expected. The oil and gas company said the Carapa-1 exploration well, drilled to a depth of 3,290 metres in 68 metres of water, would now be plugged and abandoned.

Airbus AIR, +2.67% shares rose 3.1% after reports the European plane maker beat its own delivery forecast for 2019 to topple U.S. rival Boeing BA, +0.93% as the world’s largest plane maker. Airbus delivered 863 jets last year, Reuters reported, 3 higher than its guidance.

Mining stocks enjoyed solid gains following China’s RRR cut announcement. The policy news from the world’s largest metals consumer, sent Glencore GLEN, +3.19% shares up 3.3% and Antofagasta ANTO, +3.10% 3.2% higher.

By: DocMemory
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