The pan-European STOXX 600 index rose 0.64 per cent and MSCI’s gauge of stocks across the globe gained 0.37 per cent. — Reuters picNEW YORK, Feb 13 — MSCI’s gauge of stocks across the globe rose for a 10th straight session yesterday and hit another record high as investors anticipated new fiscal aid from Washington to help the US economy recover, while benchmark US Treasury yields rose to their highest levels since March.
“We’re underestimating the lag effect of all the money in the system as more and more vaccinations are delivered and as more of the country reopens” from business shutdowns, said Thomas Hayes, chairman and managing member of hedge fund Great Hill Capital LLC in New York. The dollar was slightly higher, coming off its strongest level for the day, as risk appetite returned to the market, while Bitcoin was down 1.3 per cent on the day at US$47,356, after hitting a record high of US$49,000. It posted gains of roughly 20 per cent in a milestone week marked by the endorsement of major firms such as Elon Musk’s Tesla.