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| - Stock markets were mostly firmer Thursday as China's move to slash levies on US imports helped offset concerns about the economic impact of the coronavirus outbreak. Investors cheered China's announcement that it would halve levies on $75 billion worth of US imports after the two sides last month signed their mini trade deal that dialled down a long-running and painful trade war. The markets were already on a roll after the S&P 500 and Nasdaq chalked up record highs Wednesday as figures showed private firms added a forecast-smashing 291,000 new jobs last month, the biggest gain since December 2014. Wall Street closed Wednesday just ahead of the Senate's decision to throw out the impeachment of US President Donald Trump and opened little changed overall as investors digested recent gains. In Europe, "stock markets... pushed higher (on) the announcement that China will halve the tariffs it imposes on $75 billion worth of US imports", said CMC Markets analyst David Madden. "The cut on levies will be introduced on 14 February -- the day the US will reduce tariffs on $120 billion worth of Chinese imports." Madden added: "The move by Beijing is a nice way to take the pressure off the Chinese economy in light of the coronavirus situation." Equities gained ground also on optimism that the deadly virus, which has spread to more than 20 countries, can be contained and the economic impact limited. After last week's big share price losses, and a near eight-percent drop for Shanghai's main stocks index on Monday, observers said traders have been coming back to relatively low valuations, with reasonably healthy earnings reports also providing much-needed support. Analysts have expressed confidence the illness will be largely contained to China and the economic harm will not be lasting. Huge cash injections by the Chinese central bank into the country's financial markets have also soothed investor concerns. "The markets are not only holding up but they're going up," said AxiCorp analyst Stephen Innes. "And to suggest risk appetite continues to 'creep' back in favour might be the biggest understatement of the week as equity markets just burst higher." Innes said that while the World Health Organization has played down reports that a cure might soon be developed, "any progress on treatment may also be a comfort to investors that the longer-term secondary effects of the outbreak are contained". Markets were looking ahead to Friday's key non-farm payrolls data in the US that will provide a clearer snapshot of the world's top economy, dealers said. Meanwhile Trump can now "fully concentrate on his (presidential) election campaign and he probably has a good chance to win a second term", noted Ipek Ozkardeskaya, senior analyst at online lender Swissquote Bank. "The anticipation of a Trump win should continue boosting demand in US equities." In commodities, oil prices also extended a rebound as investors bet on OPEC and other major producers led by Russia cutting output on fears the virus slashes crude demand. Observers said kingpin Saudi Arabia was looking for a reduction of half a million barrels a day, with some reports saying twice that amount was possible. London - FTSE 100: UP 0.3 percent at 7,505.55 points Frankfurt - DAX 30: UP 0.7 percent at 13,572.83 Paris - CAC 40: UP 0.8 percent at 6,030.89 EURO STOXX 50: UP 0.7 percent at 3,802.93 Shanghai - Composite: UP 1.7 percent at 2,866.51 (close) Hong Kong - Hang Seng: 2.6 percent at 27,493.70 (close) Tokyo - Nikkei 225: UP 2.4 percent at 23,873.59 (close) New York - Dow: DOWN 0.1 percent at 29,263.07 Euro/dollar: DOWN at $1.0966 from $1.0999 at 2200 GMT Pound/dollar: DOWN at $1.2960 from $1.3002 Euro/pound: UP at 84.83 pence from 84.60 pence Dollar/yen: UP at 109.91 yen from 109.83 yen Brent Crude: DOWN 1.3 percent at $54.56 per barrel West Texas Intermediate: DOWN 0.4 percent at $50.55 per barrel bur/bmm/jh
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