NEW YORK, Nov 13 — Global equity markets rallied yesterday, with European shares hitting new highs on strong earnings, while the dollar eased but posted its biggest weekly gain since late August.
Crude oil futures closed the week with a third consecutive weekly fall after sharp swings driven by the dollar’s recent strengthening. “There’s a feeling from the users and purchasers of tech that they can’t be left behind, that they always need to be on the cutting edge,” he said. “That means they have more consistent and steadier growth regardless of the economic environment.”
Growth stocks rose 1.15 per cent, outperforming a 0.20 per cent gain in value stocks. “This is a growthy market,” Ghriskey said. In Europe, euro zone money markets priced in two full European Central Bank rate hikes by the end of next year. A Reuters poll showed the Bank of England is expected to be the first major central bank to raise rates, probably next month.
“Fund managers were the least overweight bonds that they’ve ever been in the history of the data going back over two decades,” Hayes said. “The volatility that you saw on and off in the last week or so was attributable to wrong-footedness in the bond market by a lot of hedge funds.”German 10-year yields slid 0.7 basis point to -0.262 per cent.