European stocks rise, auto sector leads gains

European stocks rose in trading today, as investors assessed positive developments in US-China trade relations, boosting hopes for additional agreements before the July deadline to suspend high tariffs.

The pan-European STOXX 600 index rose 0.6% to 540.67 points, heading for its first weekly gain in three weeks, while major indices across Europe also posted collective gains.

The biggest boost to markets came from comments by a White House official, who said that Washington and Beijing had reached an agreement to expedite shipments of rare earth minerals to the United States, a further sign of easing trade tensions.