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European stocks rally for the fourth day on trade optimism
On Wednesday, European stocks went up for the fourth trading session because traders took heart from further indications of recovery in China as well as progress toward a probable trade agreement between China and America.
As a matter of fact, the pan-European index headed north by 0.7% reaching its highest value since August 10.
Germany’s trade-sensitive DAX managed to outperform peers, soaring by 1.2%. Britain’s FTSE 100 lagged because a strengthening UK pound put pressure on multi-national exporters that make the bulk of their earnings in foreign currencies.
In fact, all sectors excluding the food and beverage index rallied, with basic and resources as well as car shares leading gains.
On Tuesday, White House economic adviser Larry Kudlow told he expects China and America to demonstrate greater progress as the two leading countries proceed with their trade negotiations this week.
Market sentiment was also backed by reports that UK Prime Minister Theresa May requires another Brexit delay just to agree an EU divorce agreement with the opposition Labour leader.
China’s firm economic data backed market sentiment too. On Wednesday, the latest private business poll revealed that activity in China's services sector had jumped to a 14-month maximum in March because demand improved abroad and at home.
Another poll showed that activity in Spain's services sector had tacked on to its highest value for more than a year in March.
Banco de Sabadell SA headed north by over 3% because the banking group told it might sell Sabadell Asset Management SA that appears to be its asset management company.
Besides this, stocks of luxury goods maker Burberry Group inched down by 3% due to the fact that JP Morgan experts reduced its full-year gain estimate referring to the exposure to Brexit-related sterling volatility.
The US NFP will be published on August 7 at 15:30 MT time.
The market sentiment is indeed risk-on today. Stocks, riskier currencies and gold are rising amid the waning US dollar.
Follow the BOE monetary policy and rate statements on August 6 at 14:00 MT time…