NEWS

Stock markets surged overnight after Donald Trump cancelled his planned tariffs following a deal over Greenland.

The FTSE 100 was up 0.9pc in in a broad relief rally, with the Cac 40 in Paris higher by 1.4pc as the threat of tariffs was removed from its major luxury goods companies.

The Nikkei in Japan rose 1.7pc while the Kospi in South Korea passed the 5,000 mark for the first time as the US president dialled down his global trade war.

Mr Trump said he would not impose extra 10pc tariffs on eight European countries, including Britain, after receiving the “framework of a future deal” in talks with Nato.

Michael Brown, an analyst at Pepperstone, said: “Five days was all it took this time as, yesterday, President Trump formally and predictably unwound the tariff threats made over the issue of Greenland, after a ‘very productive’ meeting with Nato secretary general Rutte, during which agreement was reached on a ‘framework’ regarding both Greenland, and the ‘High North’ more generally. 

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