3 months ago
Stock Market

MarketPulse Europe: Miners Rally Amid U.S., China Trade Hopes

Investing.com - The European basic resource sector jumped in midday trade on Tuesday, as a fresh whiff of optimism over

Investing.com - The European basic resource sector jumped in midday trade on Tuesday, as a fresh whiff of optimism over the U.S.-China trade dispute lifted sentiment.

The pan-European Stoxx 600 Basic Resources index, with its heavy exposure to China, was up 2.3% by 6:40AM ET (11:40 GMT).

The United States and China kicked off the latest round of trade talks during a telephone call between U.S. Treasury Secretary Steven Mnuchin, U.S. Trade Representative Robert Lighthizer and Chinese Vice Premier Liu He.

"Both sides exchanged views on putting into effect the consensus reached by the two countries' leaders at their meeting, and pushing forward the timetable and roadmap for the next stage of economic and trade consultations work," China's commerce ministry said.

The news renewed hopes of a trade agreement between Washington and Beijing.

Mining heavyweights BHP Billiton (LON:BHPB) and Rio Tinto (LON:RIO) were both trading more than 2% higher in London.

Copper producers such as Antofagasta (LON:ANTO) and Anglo American (LON:AAL) also contributed to the upbeat performance for the sector, with their stocks gaining 3.6% and 3.5% respectively.

-- Reuters contributed to this report