European shares rise after China's Xi backs away from trade war"We would see this as a major step towards opening the Chinese economy and to easing the very tense trade atmosphere ... The primary beneficiaries would be German carmakers and the German economy as a whole," Evercore ISI analysts wrote.
Germany's BMW rose 1.9 percent and Daimler was up 1.2 percent, while Volkswagen surged 4.5 percent.