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European stocks extend rally on thawing U.S.-China signs

February 6, 2020

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European stocks extended a rally on Thursday, getting a further boost as a sign of warming U.S.-China trade relations stoked optimism, even as a virus continues to curb the world’s number-two economy.

After the largest three-day percentage gain since early October, the Stoxx Europe 600 SXXP, +0.13% increased 0.24% to 424.63.

China announced on Thursday it will cut tariffs on $75 billion of U.S. imports by half, starting next week, as it also said it would cut value-added taxes. The thawing U.S.-China relations are important for export-dependent Europe, where data released on Thursday showed German factory orders slumped 2.1% in December and collapsed 8.7% from a year ago.

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