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European stocks recover on trade hopes

European stocks edged up in morning deals on Tuesday as hopes for easing tension in the Sino-U.S. tariff row offset the previous session’s worries over a possible selloff of the technology stocks after suppliers of Apple lowered their outlooks.

Photo: Reuters

The pan-European STOXX 600 inched up 0.3 percent to 363.19 despite Wall Street’s major indexes posting huge declines overnight.

France's CAC 40 index was 0.4 percent higher at 5,079.22 and Germany's DAX 30 index climbed 0.4 percent to 11,374.32. The UK's FTSE 100 index was steady at 7,061.

Asia-Pacific region markets pared some losses after a report that China and U.S. could hold trade negotiations before a meeting between the presidents of the world’s two biggest economies.

Europe’s tech stocks advanced 1.2 percent after dipping 3.7 percent in the previous session in New York when the Nasdaq had slumped more than two percent.

The telecom sector led the rise in Europe, touching its top since Aug. 24 and up 1.8 percent, supported by Vodafone’s promise to cut operating costs.

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