European stocks closed higher Friday after reports that the United States and China signed a phase one trade deal, while the ruling Conservative Party of the United Kingdom secured a commanding majority in the general election.
Chinese officials said on Friday that China and the U.S. have reached an agreement on the text of a phase one trade agreement and are now moving towards signing an agreement as quickly as possible.
The Conservative Party of U.K. Prime Minister Boris Johnson won a formidable majority in the general election of the country.
The pan-European Stoxx 600 traded by trade closure about 1.1 percent higher, with travel and leisure stocks rising 3.7 percent to lead gains as all sectors and major bursaries traded in positive territory. Retail stocks added 2.9%, while banks and basic resources each gained just 1% shy.
The Conservative Party of U.K. Prime Minister Boris Johnson won a commanding majority in the general election of the country, giving Johnson the power to drive through his Brexit deal and take over the UK.
Out of the EU before the deadline of 31 January. The outcome is the biggest election victory since 1987 for the party.
Chinese officials said Friday that China and the U.S. have reached an agreement on the text of a phase one trade deal and will now move toward more signing an agreement as quickly as possible.
During Thursday’s session, European stocks had experienced a late bounce after the president tweeted that a deal was close.
Stocks in the U.S. seesaw as the deal was evaluated by traders.
Asian stocks soared on the U.S .- China trade news, leading Hong Kong’s Hang Seng index by a 2.57 percent leap, while Japan’s Nikkei 225 gained 2.55 percent and China’s mainland shares both posted solid gains.
Sterling rose to about $1,3333 on Friday morning as markets reacted positively to the prospect of greater certainty around Brexit compared with the dollar to trade.
Delivery Hero, a German takeover firm, jumped more than 22% after announcing a $4 billion deal to buy Woowa from South Korea.
It was the only non-U.K., however. Based shares among Stoxx 600’s top 50 best performers as British domestic stocks went through the roof after the election result.
Virgin Money United Kingdom Nearly 18 percent jumped as a slew of Uk companies celebrated double-digit share price gains. The European banking sector rally was led by banks RBS, Lloyds and Barclays.


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