Wednesday 18 December 2019

US stocks eke out another record but European stocks fall

Markets were mixed on Tuesday.

The S&P 500 rose marginally to eke out another record high while the Shanghai Composite jumped 1.3 percent.

However, the STOXX Europe 600 fell 0.7 percent over concerns about the prospect of a hard Brexit following reports that UK Prime Minister Boris Johnson will introduce a legal provision to bar an extension of trade negotiations beyond a year.

“We’ve not resolved Brexit or trade or tariff issues, but we’ve got more clarity,” said Jennifer Ellison, principal at San Francisco-based BOS.

Edward Moya, senior market analyst at Oanda, wrote that while a US-China phase one trade deal is expected to be finalised in the first week of January, “this deadline could get pushed even further as not all the terms have been agreed upon”.

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