European markets opened flat on Christmas eve in a holiday-shortened week. Britain's FTSE 100 inched up 4 points to 7,627.69 while the CAC 40 in Paris added less than 0.1% to 6,032.26. Both markets were to open for only half a day on Tuesday and then close Wednesday and Thursday for Christmas and Boxing Day.
"Right now, a lot of people have gone home for the year and the path of least resistance is higher," said Sameer Samana, senior global market strategist at Wells Fargo Investment Institute. "It's hard to see any kind of meaningful trend change between now and the end of the year." Fears about a possible recession have also faded since the summer after the Federal Reserve cut interest rates three times, and the central bank appears set to keep them low for a long time.
Rising optimism around a "Phase 1" trade deal announced earlier this month between the United States and China has helped put investors in a buying mood.