(Adds U.S. market open, byline; changes dateline; previous LONDON) * China says trade deal would see tariffs removed in phases * Wall Street sets intraday record highs * European stocks at a more than 4-year high * Safe haven bonds sag as market optimism returns * Dollar gains against safe-haven Japanese yen, Swiss franc * By Herbert Lash NEW YORK, Nov 7 (Reuters) – Oil prices rose and global equity markets rallied on Thursday after China said it has agreed with the United States to cancel tariffs in phases, a key consideration in reaching an initial deal to end a trade war that has crimped economic growth. Wall Street’s three main stock indexes hit record intraday highs and a gauge of worldwide equity performance surged to a 21-month peak, with a pan-European index at its highest since July 2015. The dollar gained after comments from a Chinese commerce ministry spokesman about the terms of a potential trade deal prompted investors to dump perceived safe-havens such as the Japanese yen, the Swiss franc, bonds and gold. No timetable was indicated, but a “phase one” deal is widely expected to include a U.S. pledge to scrap tariffs scheduled for Dec. 15 on… Read full this story
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