The pan-European Stoxx 600 jumped 1.5% after the opening bell, with banks soaring 3.3% to lead gains as the majority of sectors and major bourses traded firmly in positive territory.
The Donald Trump administration has reached a phase one deal with Beijing, pending approval from the president, three sources close to the talks told CNBC on Thursday. European equities had experienced a late bounce during Thursday's session after the president tweeted that a deal was close.
Back in Europe, U.K. Prime Minister Boris Johnson's Conservative Party has won a commanding majority in the country's general election, granting Johnson the power to drive through his Brexit deal and take the U.K. out of the EU before the January 31 deadline. The result is the party's biggest election win since 1987.
U.K. domestic stocks went through the roof in early trade, with Virgin Money U.K. jumping more than 16% as a slew of British companies saw double-digit share price gains. British banks RBS, Lloyds and Barclays led the European banking sector rally.
Asian stocks jumped overnight on the U.S.-China trade news, led by a 2.35% leap for Japan's Nikkei 225 while Hong Kong and mainland Chinese shares all posted strong gains.
Sterling was up 1.94% against the dollar to trade at around $1.3415 on Friday morning as markets reacted positively to the prospect of greater certainty around Brexit.
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December 12, 2019 at 10:06PM
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European stocks soar on US-China deal hopes; UK stocks rally on election result - CNBC
Top stories - Google News
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