London — Europe’s markets endured some weakness on Tuesday, as traders cashed in on recent record highs and waited for a long-awaited US-China trade deal and the first flurries of the Wall Street earnings season.

It had been smooth sailing in Asia. MSCI’s world stocks index set a new record high after reassuring Chinese data and Washington saying it no longer deemed Beijing a currency manipulator, but Europe’s open saw the currents turn...

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