October 9, 2019 / 9:37 AM / 9 days ago

European shares, yuan rally on report that China open to partial US trade deal

MILAN, Oct 9 (Reuters) - European shares moved sharply higher and the Chinese currency in the offshore market jumped on Wednesday after a Bloomberg report said China was still open to agreeing a partial trade deal with the United States.

The pan European STOXX 600 stock benchmark was up 0.7% by 0930 GMT, while Germany’s trade-sensitive DAX gained 1.3% to hit a one-week high.

The news of a partial trade deal rippled through currency markets sending trade-oriented currencies such as the Australian dollar and the kiwi dollar rallying to the day’s highs.

The Chinese currency in the offshore market strengthened 0.5% to 7.1336 yuan per dollar.

Citing an unnamed official with direct knowledge of the talks, Bloomberg said China would accept a limited deal as long as no more tariffs are imposed. In return, Beijing would offer non-core concessions like purchases of agricultural products, the report said. (Reporting by Danilo Masoni and Noah Sin in HONG KONG; Editing by Saikat Chatterjee)

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