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S&P 500, ASX 200 at record highs

Markets have hit fresh highs and base metals were boosted by the US and China signing off on the long-awaited phase one trade deal yesterday.
S&P 500, ASX 200 at record highs S&P 500, ASX 200 at record highs S&P 500, ASX 200 at record highs S&P 500, ASX 200 at record highs S&P 500, ASX 200 at record highs

The White House live-streamed the signing of the US-China phase one trade deal

Staff reporter

"Today, a new era in our trade relationship begins!" the White House tweeted and live-streamed the signing ceremony.

The deal caps 18 months of tariff conflict between the world's two largest economies which has hit hundreds of billions of dollars in goods, roiled financial markets, uprooted supply chains and slowed global growth, Reuters noted.

Markets closed higher yesterday in London, the US and Australia, where the benchmark S&P/ASX200 breached a record 7,000 points in morning trade.

The S&P 500 had reached an all-time high of 3,298.66 intraday before closing up 0.2% yesterday to a record 3,289.29.

In Europe, Marex Spectron's Dee Perera said news of parliamentary support for the European Green Deal - the EU's plan to be climate neutral in 2050 which would mean a significant change in the car industry and support EVs - helped send nickel up more than 3%.

Copper closed lower but touched US$6,321 per tonne yesterday, its highest intraday price since May 1 last year, the company's Anna Stablum said on the LME desk in Singapore.

Finally, Rio Tinto (LSE: RIO) lost 0.5% yesterday in London and BHP (ASX: BHP) was off about 0.2% in morning Australian trade.