Brussels - (Saba):
Hopes for progress in trade talks between the United States and China boosted European stocks today, as investors assessed signs of easing trade tensions between the world's two largest economies ahead of a July deadline.
The pan-European STOXX 600 index rose 0.6 percent to 540.67 points, heading for its first weekly gain in three weeks, and major indices across most of the region's stock markets also rose.
European automakers led sector gains, rising 1.5 percent, followed by media companies, which rose 1.2 percent.
Shares of German sportswear makers Puma and Adidas also rose 4.3 percent and 2.9 percent, respectively, after Nike Inc. reported first-quarter revenue estimates that exceeded market expectations.
Market performance received additional support from statements by a White House official, who stated that the United States had reached an agreement with China to expedite shipments of rare earths to Washington, a move that would enhance prospects for trade understanding between the two sides.
In the United States, investors are looking to the Personal Consumption Expenditures (PCE) price index data, scheduled for release later today, for additional clues about the Federal Reserve's monetary policy direction regarding interest rates.