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European stocks set to open higher as Wall Street hits new record highs

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European stocks are set for a higher start to the trading day on Friday, following the rally in stocks stateside.

The FTSE 100 points to a higher open of 11 points while the German DAX looks to open 58 points higher. Meanwhile, France's CAC 40 looks set to open 14 points higher.

Market focus is largely attuned to the U.S.-China trade development. Investors are running back into traditional assets ever since the announced they have reached a phase one trade agreement earlier this month. The two countries are in the process of translating the deal, aiming to sign it in early January.

In a regular press briefing on Thursday, the Chinese Commerce Ministry said China is in close touch with the U.S. on signing the initial trade pact. President Donald Trump said Tuesday the deal is "getting done," adding there will be a signing ceremony with Chinese leader Xi Jinping.Meanwhile,Oil prices rose in the afternoon of Asian trading hours, with international benchmark

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