European Equities Broadly Higher, DAX 2.46% Up
European stocks traded in the green zone, after US President Donald Trump and Chinese President Xi Jinping agreed to a 90-day truce in escalating of trade war. The German DAX stock index is trading with significant gain. The DAX added 2.46% to trade at 11.532 level. Earlier today, the index touched 11.568 line, its highest since November 14.
German and Eurozone manufacturing PMIs both missed their estimates. Eurozone manufacturing PMI fell to 51.8 in November from 52.0 in October, reaching its lowest level since August 2016. German manufacturing PMI dropped to 51.8 in November, down from 52.2 points in October. This marked a fourth straight downturn and was the lowest reading since April 2016.
US President Donald Trump and Chinese President Xi Jinping brokered a trade war truce at Saturday’s G20 dinner, agreeing to halt additional tariffs with fresh talks aimed at reaching an agreement within 90 days.