London (CNN Business) Happy Wednesday. A version of this story first appeared in CNN Business' Before the Bell newsletter. Not a subscriber? You can sign up right here.

Amid signals of progress in trade talks, fixating on China's economic data is so passé. At least, that's what markets signaled Wednesday as investors brushed aside an indicator of ongoing trouble for the country's factories.

Industrial profits in China fell 9.9% in October compared to last year. But traders don't seem particularly worried.

The scene: Asian stocks were mixed, but US stock futures point higher after the S&P 500, Dow and Nasdaq finished Tuesday at fresh record highs. In Europe, the STOXX 600 index is at its highest level in more than four years. Britain's FTSE 250 index of mid-size companies has reached its highest level since July 2018.

What gives? Well, namely this Tuesday remark from US President Donald Trump on trade: "We're in the final throes of a very important deal."

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