US-China trade deal ‘to do little for world economy’

The two main US stock indices — the S&P 500 and the Dow Jones — traded at new record highs as President Donald Trump hailed completing ‘phase 1’ of a trade deal between the US and China as “a momentous step”.

But European stock markets were more subdued amid investor scepticism the deal will do much to boost the world economy and support exports from countries including Germany and Ireland.