The stocks in the U.S. and Europe surged Thursday morning as the U.S. and China came to an agreement to cancel some of the tariff restrictions, Reuters reported.
“Both sides have agreed to cancel additional tariffs in different phases, as both sides make progress in their negotiations,” Gao Feng, China’s Ministry of Commerce, told Reuters at a media briefing. “The trade war started with tariffs, and should end with the cancellation of tariffs,” he said, without giving a timeline on when these tariffs will be canceled.
U.S. President Donald Trump and his Chinese counterpart Xi Jinping are widely expected to sign a trade deal by the end of November.
S&P 500 Futures added 14.50 to its last index close of 3,076.78.
NASDAQ 100 Futures was at 8,255, adding 45 points as of press time.
Elsewhere in Europe, London’s FTSE 100 Index (INDEXFTSE: UKX) added 0.41% in early trade.
Germany’s DAX Performance-Index (INDEXDB: DAX) added 0.88%.