Economic news

European shares climb amid global relief rally

Shares of mining companies, as well as auto and tech sectors, gained on Monday, driving Europe’s main indexes higher after U.S. and Chinese presidents agreed to a 90-day truce in their trade relations.

Photo: Reuters

The pan-European STOXX 600 soared 1.3 percent to 362.13.

Frankfurt’s DAX rose 2.2 percent to 11,506.67, Milan FTSE MIB advanced 1.9 percent to 19,551.22 and Paris CAC 40 added 1 percent to 5,054.11. London FTSE 100 jumped 1.8 percent to 7,104.51.

Financial stocks led the surge as traders cheered results of G-20 meeting. Mining sector edged up 5.1 percent and autos leaped 4.2 percent after U.S. President said his Chinese counterpart agreed to lower import tariffs on American-made cars.

The crude sector gained 2.7 percent in the run up to this week’s OPEC meeting.

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