British stocks rise as China to cut some U.S. import tariffs

UK shares advanced for the fourth straight session on Thursday as risk sentiment picked up further after China pledged to halve tariffs on some U.S. imports, though Royal Mail slid to an all-time low after pointing to a challenging year ahead. China will cut additional tariffs levied against 1,717 U.S. goods last year, after a Phase 1 trade deal was signed last month, and as fears persist over the coronavirus outbreak, which has killed more than 550 people.

The FTSE 100 jumped 0.6%. Caterer Compass Group reported higher quarterly revenue and was among the top gainers. The FTSE 250 rose 0.7%, boosted by an 8% rise in insurer Beazley as its 2019 profit surged. Royal Mail sank 10% after it warned the outlook for the 2020-21 fiscal year was "challenging" and said the threat of a labor strike in late 2019 hurt parcel revenue growth during the Christmas period.