European shares traded near-record high in thin holiday trade.

By: Andia Rispah
Andia Rispah
Andia Rispah is a Personal Finance & Investment Writer who helps Financial Advisors to create valuable content to help… read more.
on Dec 24, 2019
  • European shares traded near-record highs ahead of the Christmas holiday.
  • Markets expect easy monetary policy to keep a floor under European shares in 2020.
  • U.S. stocks edged up overnight, with the S&P 500 and the Nasdaq Composite hitting record highs

On Tuesday, European shares traded near-record highs ahead of the Christmas holiday. Progress on the global economic outlook amid US-China trade talks boosted the shares.

The pan-European STOXX 600 index was nearly unchanged at 0813 GMT.

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The German DAX slipped 0.1%, while France’s CAC 40 index edged up 0.1%, and the U.K.’s FTSE 100 rose 0.5%

Britain’s FTSE 100 fell 0.2%, and Spain’s IBEX eased 0.4%. 

Investor sentiment has received a boost going into the new year with the apparent easing of two of the biggest risks to global growth:

  • The prolonged Sino-U.S. trade war and 
  • Brexit uncertainty

After nominal growth in the second and third quarters, the benchmark index is on course to end the year with its biggest annual gain in a decade.

Markets expect easy monetary policy to keep a floor under European shares in 2020.

Among individual movers, Spanish sausage casing company Viscofan fell 1.4%, while French oilfield services company TechnipFMC added 1.2%.

The major U.S. averages rose between 0.1% and 0.3%.

Bodycote shares advanced 1.5%. The provider of heat treatment and specialist thermal processing services has agreed to acquire Ellison Surface Technologies.

Greenfield infrastructure investor John Laing Group rose 0.5% when news broke out that it would invest A$51.5 million or about 28 million pounds in the East Rockingham Resource Recovery Facility in Perth, Australia.

Supermarket giant Tesco edged down slightly. 

Gold mining firm Centamin gained 1.5% after it won approval to give its Canadian suitor Endeavour Mining more time to make a firm takeover offer.

The U.S. stocks

U.S. stocks edged up overnight, with the S&P 500 and the Nasdaq Composite hitting record highs after President Trump said an initial U.S.-China trade pact would be signed soon.

Also, China’s Finance Ministry announced plans to lower import tariffs on a range of products, including frozen pork, pharmaceuticals, and some high-tech components. 

China has denied accusations of forced labor at a prison in Shanghai after a Christmas card sold at the company was reportedly found containing a message from an inmate.

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