World stocks scale record peak on US-China trade deal

World stocks inched to a record high on Thursday after the United States and China signed a deal to defuse their 18-month trade war, which has weighed on global economic growth and hampered investments.

U.S. President Donald Trump and Chinese Vice Premier Liu He on Wednesday signed a deal that will roll back some tariffs and see China boost purchases of U.S. goods and services by US$200 billion over two years. The index was dragged down by fall in financial shares following downbeat earnings from Bank of America and Goldman Sachs .

The price index rose less than expected in December to cap 2019 with rise of 1.3per cent, lowest since 2015. The data fanned bets the Bank of England will cut interest rates at the end of this month, bringing Britain's currency under further pressure briefly. Washington's decision led traders to think it will become difficult for the Swiss National Bank to intervene to weaken the franc in the future.In contrast, the Chinese yuan hovered just below its 5-1/2-month high touched earlier this week after Washington dropped its currency manipulator label on China.

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