European shares near record high on hopes of swift Brexit, trade deal
- A surge for London-listed companies brought European stock markets within striking distance of an all-time high on Friday, as investors cheered the likelihood of an orderly Brexit after a landslide election victory for Prime Minister Boris Johnson.
The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, December 12, 2019. REUTERS/Staffjumped 5% to a record high, pushing the broader pan-European STOXX 600 up 1.6% and putting it on course for its best day in two months.also advanced 1.7%, as solid gains in banks and utilities helped the export-heavy index shrug off the impact of a surge in sterling, which typically weakens sentiment towards component companies.
“The big issue has been the lack of direction and that goes away, which is why sterling is rallying and Gilt yields are back up and domestically-focused equities are gaining,” said Gaurav Saroliya, director of global macro strategy at Oxford Economics. The benchmark European index is now just two points shy of a record high hit in 2015. It is also on track to end the year almost 20% higher, its biggest annual gain in a decade, as investors turn optimistic about another major economic issue - the prolonged U.S.-China trade war.jumped 1.3% on Friday after a report the United States would suspend tariffs on Chinese goods set to kick in on Sunday and cut others in return for Beijing buying more American farm goods.
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