CAC 40 Up 21 Points As US, China Agree To Cancel Tariffs

French stocks were modestly higher on Thursday after China and the United States reportedly agreed to cancel tariffs on each other's goods for both sides to reach a "phase one" trade deal.

The two sides have agreed in the past two weeks to cancel tariffs imposed during their months-long trade war in different phases, the Chinese commerce ministry said.

The proportion of tariffs cancelled must be the same, and how many tariffs should be cancelled can be negotiated, Gao Feng, spokesman at the commerce ministry, told reporters.

The benchmark CAC 40 was up 21 points, or 0.35 percent, at 5,887 after gaining 0.3 percent on Wednesday.

Food services and facilities management company Sodexo jumped nearly 8 percent after reporting a rise in full-year revenue and profits.

Conglomerate Lagardere rallied 2 percent after it reported a 5.5 percent increase in revenue for the third quarter and confirmed its FY19 recurring EBIT growth outlook.

Electric utility company Engie lost 3 percent despite confirming its 2019 financial guidance.

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