December 27, 2019 / 8:19 AM / 8 months ago

Festive European markets notch another record high

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Dec 27 (Reuters) - European shares rose to another record high on Friday, as investors remained optimistic about an improving global economy after a fresh dose of upbeat economic data from China and firming indications of a preliminary U.S.-China trade deal.

The pan-European STOXX 600 index was up 0.2% at 0804 GMT. The index has now hit record highs for three consecutive sessions in a holiday-shortened week.

Data on Friday showed profits at China's industrial firms rose at the fastest pace in eight months in November. The news added to a broader rally, fuelled by an initial U.S.-China trade deal and hopes of a smoother Brexit.

Beijing said this week it was in close contact with Washington about their Phase 1 agreement, following comments from U.S. President Donald Trump about a formal signing ceremony.

The deal is widely expected to be signed in early January.

Still, with no other major updates expected this year either on the trade front or on future Brexit negotiations, volumes are expected to remain light until the first full week of January.

In a light day for corporate news, Qiagen shares tumbled 18.7% after the genetic testing firm decided against selling the company. (Reporting by Sagarika Jaisinghani in Bengaluru; Editing by Saumyadeb Chakrabarty)

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