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| - European and US stocks rallied Tuesday as data boosted hopes of a quick economic recovery, while President Donald Trump dampened fears of a US-China trade deal collapsing. "Better-than-expected figures have bolstered the existing recovery in risk appetite... with overnight markets shrugging off the brief panic induced by some unguarded comments by (Trump advisor) Peter Navarro regarding the US-China trade deal," said Chris Beauchamp, chief market analyst at IG trading group. Private sector economic activity in the eurozone and UK shrank further in June but the rates of decline slowed compared with the worst of the coronavirus lockdown, IHS Markit said Tuesday. "Output and demand are still falling but no longer collapsing," said Chris Williamson, chief business economist at IHS Markit. IHS Markit's measure of private sector economic activity also bounced back sharply, even if it shows the economy is contracting. "US investors got the best reading possible, PMI data strongly rebounded, but didn't outperform like Europe, calming any thoughts that maybe fiscal and monetary authorities may not keep the stimulates floodgates open," said market analyst Edward Moya at online currency trading platform Oanda. Trump has meanwhile countered comments by Navarro, one of his top economics advisers, who said the China-US trade deal was "over". Appearing on Fox News, Navarro hit out at China's handling of the coronavirus outbreak and when asked whether the much-vaunted trade pact signed in January was over he replied: "It's over. Yes." Markets across Asia immediately dropped. But soon after, Trump tweeted: "The China Trade Deal is fully intact. Hopefully they will continue to live up to the terms of the Agreement!" Navarro said his comments had been taken out of context. The main European markets gained more than one percent, while Wall Street stocks were also pushing higher in late morning trading. Oil prices, which had fallen around two percent on Navarro's remarks, rebounded Tuesday by similar amounts before paring gains. "Trump would be very reluctant to officially walk away from the deal in an election year, given the potential impact it would have on markets," said Warren Patterson, at ING Bank NV. Easing of lockdown measures combined with trillions of dollars in government and central bank support meanwhile remain the key drivers of the seemingly unstoppable march higher for equities. And a pick-up in new cases on all continents is still unable to knock traders off their stride, as they bet on a so-called V-shaped economic recovery. "When you have high levels of liquidity, when you have a recovering economy, low inflation, low interest rates, you really have a strong foundation for equities to move higher," Victoria Fernandez at Crossmark Global Investments, told Bloomberg TV. "But there are so many uncertainties still out there that we think there's going to be some volatility before we get that upside trend on a continual basis." London - FTSE 100: UP 1.3 percent at 6,328.34 points (close) Frankfurt - DAX 30: UP 2.1 percent at 12,523.76 (close) Paris - CAC 40: UP 1.4 percent at 5,017.68 (close) EURO STOXX 50: UP 1.8 percent at 3,299.40 New York - Dow: UP 0.9 percent at 26,262.73 Tokyo - Nikkei 225: UP 0.5 percent at 22,549.05 (close) Hong Kong - Hang Seng: UP 1.6 percent at 24,907.34 (close) Shanghai - Composite: UP 0.2 percent at 2,970.62 (close) West Texas Intermediate: UP 1.1 percent at $41.17 per barrel Brent North Sea crude: UP 1.0 percent at $43.49 per barrel Euro/dollar: UP at $1.1327 from $1.1259 at 2040 GMT Dollar/yen: DOWN at 106.37 yen from 106.90 yen Pound/dollar: UP at $1.2522 from $1.2465 Euro/pound: UP at 90.46 pence from 90.32 pence burs-rl/jj
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