European stock markets tack on

European stock markets tack on

On Wednesday, European stock markets went up, reacting positively to the statements of Chinese President Xi Jinping.

Speaking at the Boao Asian Forum, Xi Jinping promised to give foreign companies greater access to the financial and manufacturing sectors, to increase imports, and to improve the protection of intellectual property and also to provide a more transparent and manageable environment for foreign investment.

In addition, he talked about China's plans to diminish tariffs on imported cars and allow foreign car makers to own larger shares in the joint venture to produce cars in China.

In March, retail sales in the United Kingdom soared 1.4% in annual terms, which was the maximum growth since September. Analysts predicted an average decline of 0.3%.

The index of the major businesses of the region, Stoxx Europe 600, grew by 0.83% to 378.42, which is the highest level since March 16.

The British FTSE 100 rose 1%, reaching its highest level since February. French CAC 40 added 0.84%, German DAX surged 1.11%, which resulted in both indexes having completed the day at the highest levels since mid-March.

Thanks to positive news from China, mining stocks headed north, including Rio Tinto soaring  4.2%, BHP Billiton adding 3.5%, Glencore leaping 2,2% and Anglo American acquiring 5.1%.

Besides this, the market value of car makers increased, in particular German Volkswagen and Daimler - by 4% and 1.1%, respectively.

The price of Bayer AG securities tacked on by 3.2%. The US Department of Justice decided to approve the merger of the German chemical company Bayer with the American Monsanto Co, which is the world leader in plant biotechnology, after they pledged to sell a number of assets.

The soar in crude prices contributed to the surge of stock valuations of oil producers: Royal Dutch Shell - by 2.5% as well as BP by 2.9%.

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