FTSE 100 hits record high after US China trade truce

FTSE 100 hits new record high
The FTSE 100 soared to a new record on Monday
  • FTSE 100 above 7800
  • US-China trade war ‘on hold’

The FTSE 100 index hit through the 7800 barrier for the first time to close at a record high of 7,859.17 taking the index above its previous high of 7,787 on 17 May.

The record high cam as US Treasury Secretary Steven Mnuchin announced that the Trump administration will hold off from imposing tariffs on China.

The administration had threatened a trade war with China to prevent the theft of U.S. intellectual property and forced transfers of technology. Beijing countered by threatening tariffs on US farm, chemical and other exports.