UPDATE 2-Positive trade cues help European stocks wrap up dour week on an upbeat note

  • Reuters
  • Stock Market News
UPDATE 2-Positive trade cues help European stocks wrap up dour week on an upbeat note
Credit: © Reuters.

* STOXX 600 suffers first weekly loss in 7-wks

* Trump says deal "potentially very close" - Fox News

* Trade sensitive miners lead gains among sub-sectors

* German, French business sentiment improves in Nov. (Updates to close)

By Sruthi Shankar and Sagarika Jaisinghani

Nov 22 (Reuters) - European shares logged their best day in three weeks on Friday, as upbeat data out of major eurozone economies, as well as positive rhetoric on a U.S.-China trade deal, ended a dour week on a positive note.

The trade sensitive European miners .SXPP jumped nearly 2%, erasing nearly all losses from earlier this week. All but one of the European sub-sectors ended higher.

U.S. President Donald Trump said a trade deal with China is "potentially very close". Beijing had said earlier it wanted to work out an initial agreement with Washington, following reports that a truce could be delayed to 2020. pan-European STOXX 600 .STOXX index ended 0.4% higher but still snapped a six-week winning streak as recent mixed signals on trade clouded the sentiment.

Earlier in the day, separate surveys showed business activity picked up slightly in France this month while German business conditions continued to deteriorate in November, although more slowly than recently. from both economies, came as a relief to investors even as another survey showed European PMI slipped in November, narrowly missing a contraction. a little slippage of the composite index, the Eurozone PMIs add to the growing number of indicators that suggest the downturn in global trade and manufacturing is approaching the bottom," said Berenberg economist Florian Hense.

"Both domestic and export orders are sending green shoots with the decline in Germany easing and the gains in France picking up."

However, in Britain, a survey showed business this month suffered its deepest downturn since mid-2016 as the approach of a national election exacerbated uncertainty about Brexit, causing a sharp fall in the pound. losses helped London's exporter-heavy FTSE 100 .FTSE post its best day in nearly four months. FRX/

Among stocks, Italian broadcaster Mediaset MS.MI rose more than 2% after sources told Reuters that French media group Vivendi VIV.PA is prepared to sell part of its stake in the firm at a loss in an attempt to reach a deal to end years of bitter legal disputes. pre-paid meal vouchers and card provider Edenred EDEN.PA dropped 2.4% after announcing a cyber attack on its information technology system.

Umicore UMI.BR slid nearly 4% as Bank of America (NYSE: BAC ) Merrill downgraded the Belgian materials and technology group to "neutral"

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