European stocks hit record highs

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European stocks hit record highs as investors follow optimism on Wall Street

KEY POINTS
  • Market focus is largely attuned to the U.S.-China trade development.
  • On Thursday, stocks stateside hit record highs as the year-end rally continues.

European stocks hit record highs on Friday, following the rally in stocks stateside.

The pan-European Stoxx 600 closed 0.2% higher, hitting fresh record highs on Friday, up 0.2%. The FTSE 100 closed up 0.2%, meanwhile the German DAX closed up 0.2% and the French CAC was up 0.3%.

In individual sectors, European miners were up more than 1%, on course for their best day in two weeks. Meanwhile, Food and Beverage and healthcare remained the underperformers.

Market focus is largely attuned to the U.S.-China trade development. Investors are running back into traditional assets ever since the announced they have reached a phase one trade agreement earlier this month. The two countries are in the process of translating the deal, aiming to sign it in early January.

In a regular press briefing on Thursday, the Chinese Commerce Ministry said China is in close touch with the U.S. on signing the initial trade pact. President Donald Trump said Tuesday the deal is “getting done,” adding there will be a signing ceremony with Chinese leader Xi Jinping.

On Thursday, stocks stateside hit record highs as the year-end rally continues.

Meanwhile, Oil prices rose in the afternoon of Asian trading hours, with international benchmark Brent crude futures adding 0.15% to $68.02 per barrel. U.S. crude futures also gained 0.24% to $61.83 per barrel.


(Source CNBC)

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