Europe midday: Stocks push higher on trade deal optimism
Stocks on the Continent are moving sharply higher following a report overnight - later denied - that the US might soften its tariffs against China as part of the ongoing negotiations.
"Global markets are enjoying an overwhelmingly bullish end to the week, with hopes of a potential breakthrough in US-China trade talks helping drive optimism throughout both Asia and now Europe," said Josh Mahony at IG.
"Ultimately, with the UK seeking concessions from the Chinese, they are clearly becoming aware that they will need to show good faith, and markets are clearly taking this potential move as a step closer to finding a deal between the two sides."
As of 1201 GMT, the benchmark Stoxx 600 was ahead by 1.34% or 4.70 points at 355.43, alongside a rise of 1.52% or 165.63 points to 11,084.25 for the German Dax and an advance of 1.02% or 197.75 points to 19,667.47.
US officials were debating whether to lift some of their tariffs on Chinese goods in order to soothe financial markets and incentivise Beijing to make "deeper concessions", but that America's trade representative had opposed that option.
However, a spokesman for the US Treasury later denied any such initiative, which had been attributed to US Treasury Secretary, Steve Mnuchin, was on the table.
Neither Secretary Mnuchin nor Ambassador Lighthizer have made any recommendations regarding the tariffs or other parts of the negotiation with China.
Indeed, according to the FT, the spokesman also said that "this an ongoing process with the Chinese that is nowhere near completion."
In parallel, euro/dollar was up by 0.12% to 1.1409, alongside a rise of 1.163% to $61.89 per barrel on the ICE.
Meanwhile, the yield on the benchmark ten-year Spanish government note was off by two basis points at 1.34%.
The economic calendar was very light at the end of the week, with only the latest euro area current account figures on tap.
According to the European Central Bank, the Eurozone's current account surplus shrank from €27.0bn in October to €20bn for November.
Over in the corporate patch, shares of RyanAir were slipping after the airline cut its full-year profit forecast again, blaming lower winter fares and cautioning of the impact that Brexit might have.