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Europe: Stocks advance at open on Xi speech

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[LONDON] Europe's major stock markets advanced in opening deals on Tuesday after China moved to calm worries of a trade war with the United States, dealers said.

In initial deals, London's benchmark FTSE 100 index of major bluechip companies advanced 0.6 per cent to 7,238.30 points.

In the eurozone, Frankfurt's DAX 30 index rose almost 1.1 per cent to 12,389.90 points, and the Paris CAC 40 won nearly 0.7 per cent to stand at 5,299.58 compared with Monday's closing level.

Asian markets also rallied on Tuesday after Chinese President Xi Jinping eased worries over a simmering US trade conflict by promising new measures to open his country's massive economy "wider and wider".

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In a closely watched speech at the Boao Forum - dubbed the Asian Davos - Mr Xi pledged a "new phase of opening up", adding that Beijing "does not seek a trade surplus" and wants to boost imports.

"Investors took this as an effort to calm the US-China war of words on trade... boosting hopes of a balanced outcome that avoids disruption to global growth," said Accendo Markets analyst Michael van Dulken.

AFP