Trade wars: Markets rally as China slashes tariffs on 850 products – business live

Rolling coverage of the latest economic and financial news, as China gives the world economy a festive gift

12.05pm GMT

Switzerland’s stock index, the SMI, just hit a record high.

It’s up 34 points, or 0.3%, in a pre-Christmas rally.

11.44am GMT

Trade war optimism, and the weaker pound, has driven the FTSE 100 index to a five-month high.

The Footsie index just struck 7617 points for the first time sine July.

It’s possible that there will be some bounce in activity given the clarity on Brexit, but any improvement in sentiment is likely to fade as the next Brexit deadline draws closer”.

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