European markets seen higher as China’s Xi soothes trade war fears

European markets are set to open higher on Tuesday morning, after Chinese President Xi Jinping sought to soothe investor concerns about the prospect a full-scale trade war between the world’s two biggest economies.

The FTSE 100 is seen 48 points higher at 7,235, while the CAC is set to open up around 53 points at 5,310 and the DAX is expected to start 124 points higher at 12,373, according to IG.

In Asia, equities bounced Tuesday after China’s Xi vowed to lower import tariffs on products including cars. His comments prompted a swift and largely positive reaction in financial markets, which have been rattled over recent weeks amid an escalating trade dispute with the U.S.

Speaking at the Boao Forum in China, Xi said Beijing would take measures to sharply widen market access for foreign investors, increase the foreign ownership limit in the country’s autos sector and do more to protect the intellectual property of international firms. MSCI’s broadest index of Asia-Pacific shares excluding Japan recovered from early losses to surge 0.7 percent.

Back in Europe, Randgold and Givaudan were both set to release their latest figures on Tuesday morning. Meanwhile, on the data front, French industrial production data for February are set to be released shortly before the opening bell.

Source: CNBC