British shares rally as U.S.-China trade tensions ease

UK stocks made a solid start to the new quarter on Monday, as fears of an escalation in U.S.-China trade dispute eased after the two sides made some concessions and decided to resume talks, spurring a rally in global stocks. The FTSE 100 surged 1.1% to a more than two-month high by 0702 GMT and the FTSE 250 added 1%.

All sectors on both indexes were trading higher in early dealings. Investors piled into equities, especially that of banks with a heavy presence in Asia such as HSBC and Prudential . Shares of miners, sensitive to news surrounding top metals consumer China, also boosted the main index. Oil majors Shell and BP advanced as crude prices surged after top producers Saudi Arabia, Russia and Iraq backed a plan to extend supply cuts for another six to nine months.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)