Stocks seen higher after Wall Street record highs

European stocks are set to open slightly higher on Wednesday, following a strong session stateside that saw the S&P 500 hit a fresh record high.

Britain’s FTSE is seen climbing 14 points to 6,083, Germany’s DAX up by 21 points at 12,881 and France’s CAC rising 11 points to 4,940, according to IG index data.

Market participants in Europe tracked the positive sentiment on Wall Street, where the S&P 500 and Nasdaq Composite set records. The S&P 500 rose to an all-time high Tuesday, wiping out all its losses from the market sell-off caused by the coronavirus pandemic. It confirms the start of a new bull market. 

The broader market index climbed 0.2% to 3,389.78, a record close. The Nasdaq Composite also hit a record, climbing 0.7% to 11,210.84.

Meanwhile, investors continue to monitor developments in the U.S.-China trade war.

President Donald Trump on Tuesday said he has postponed trade talks with China and does not want to speak with China right now. White House Chief of Staff Mark Meadows later told reporters that there were no new high-level talks scheduled between Washington and Beijing.

The world’s two largest economies agreed on an initial “phase one” trade pact in January, but geopolitical tensions have risen and there are doubts as to whether China can honor its commitments under the deal.

On the earnings front, Maersk, the world’s largest container shipping line, is due to report its second-quarter results on Wednesday.

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