Global stocks strain for record high on tantalising trade hopes

LONDON - World shares made another push for an elusive record high on Wednesday after U.S. President Donald Trump said Washington and Beijing were in the final throes of inking an initial trade deal.

London, Frankfurt and Paris were all inching higher, [.EU] Shanghai struggled after industrial company profits shrank while Australian shares had hit record highs and Japanese stocks drew support from the growing chance of extra fiscal stimulus. But he said the two countries were unlikely to go beyond that and China’s industrial profits data overnight underscored the economic strain.

The reaction to the poll narrowing has been modest as the prospect of another hung parliament raises the prospect of some form of coalition government made up of parties supporting a second Brexit referendum. Some analysts said a renewed fall in U.S. and European bond yields on Tuesday also pointed to more mechanical explanations beyond trade for rising equity prices.

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