Global stocks rebound on cyclical surge, gold edges higher | Malay Mail

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NEW YORK, July 15 ― Global equity markets rebounded yesterday, buoyed by a surge in cyclical stocks on Wall Street as investors bet the economic recovery would overcome a rollback of California's reopening, while safe-haven gold prices solidified gains above US$1,800 (RM7686.90) an ounce. The...

The Dow Jones Industrial Average rose 2.13 per cent, the S&P 500 gained 1.34 per cent, and the Nasdaq Composite added 0.94 per cent, reversing early losses on declines in Amazon as Apple rose. — Reuters pic

Europe's broad FTSEurofirst 300 index closed down 0.79 per cent and initially weighed on MSCI's world equity index after a decline overnight in Asian equities. The global benchmark index, which tracks shares in 49 nations, rose 0.53 per cent to 543.54, driven by a rebounding Wall Street. “Every once in a while cyclicals will outperform. These are the most beaten-up securities in the market. But they're not the safe trade, which is tech-plus. That's where the growth is,” Tim Ghriskey, chief investment strategist at Inverness Counsel in New York.

The euro rose 0.44 per cent to US$1.1390. The US dollar index, which measures the safe-haven greenback against a basket of six rival currencies, slid 0.32 per cent to 96.242.

 

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