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

• The Chinese currency in the offshore market strengthened 0.5pc to 7.1336 yuan per dollar.
• The pan European STOXX 600 stock benchmark was up 0.7pc by 0930 GMT.

MILAN: 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 0.7pc by 0930 GMT, while Germany's trade-sensitive DAX gained 1.3pc 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 0.5pc 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.