Stocks hit record high, sterling endures rough week

MSCI's world equity index, which tracks shares in 49 countries, gained a smidgeon to 561.31, bettering a record scaled on Thursday as optimism infused markets after the United States and China agreed an initial trade deal.

Yet Shell shares fell 1.1% after it said it expected impairment charges of up to $2.3 billion in the fourth quarter due to a weaker economic outlook. Underscoring that the trade war issue has been put to bed for now, US Treasury Secretary Steven Mnuchin said the United States and China would sign their so-called phase one trade pact in early January.

Market players were already beginning to look at what the next steps for the Washington-Beijing saga will be in the new year. On the currency front, sterling steadied after suffering a sharp reversal that left it facing its worst weekly fall since late 2017 of around 2%.

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