By Riva Gold 

Expectations for easing trade tensions between the U.S. and China continued to buoy stock markets on Friday, putting most major indexes on track to end the week higher.

The Stoxx Europe 600 rose 0.9% to around a six-week high shortly after European markets opened. Stock markets in Japan, Shanghai and Hong Kong added over 1%, while futures suggested the S&P 500 would inch higher at the open.

The moves came after U.S. stocks rose for a third straight session Thursday thanks to optimism the U.S. would ratchet back tariffs on Chinese imports.

Shares of trade-sensitive industrials and materials companies moved higher after The Wall Street Journal reported U.S. Treasury Secretary Steven Mnuchin proposed the idea of lifting some or all tariffs on Chinese imports to advance trade talks.

A Treasury spokesman said bargaining positions "are all at the discussion stage" and that "neither Secretary Mnuchin nor Ambassador Lighthizer have made any recommendations to anyone with respect to tariffs or other parts of the negotiation with China."

In Europe, the trade-sensitive auto sector was the best performer Friday, rising 1.3% for the day and adding to gains of 7.6% this month.

The moves kept the pan-European index on track for weekly gains alongside its peers in the U.S. and Asia, although the U.K.'s multinational-heavy FTSE 100 lagged behind amid a strengthening currency and ongoing uncertainty around Brexit.

Corporate earnings also continued to drive moves in individual companies on Friday. Shares of Europe's Ryanair fell 1.5% after it lowered its full-year profit guidance and said further cuts could be on the way depending on how Brexit develops.

In the U.S., shares of Netflix fell in after-hours trading after the streaming-video giant said revenue grew less than analysts expected.

Shares of American Express also moved lower in after-hours trading despite posting its highest annual profit and revenue.

In commodities, Brent crude, the global benchmark, gained 0.7% to $61.59 a barrel. Gold fell 0.3% to $1,288.10 an ounce.

Write to Riva Gold at riva.gold@wsj.com

 

(END) Dow Jones Newswires

January 18, 2019 04:07 ET (09:07 GMT)

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