London — World stocks remained on course for their best month ever on Friday as recent vaccine progress, Joe Biden’s US presidential election win, hopes for further stimulus, a commodity surge and a weak dollar all lifted spirits.
London’s FTSE was fractionally lower with some last-minute Brexit nerves, but with Wall Street pointing to a post-Thanksgiving rise, MSCI’s main world index was readying for another all-time high. But shares in China still rose 0.1% after data there showed industrial profits surged at the fastest pace since early 2017. South Korean stocks and Japan’s Nikkei both rose 0.3% too, albeit in choppy trade.
“With global [coronavirus] case numbers having now topped 60-million ... there is certainly some rough terrain ahead for the global recovery, and that can create economic scarring,” analysts at ANZ Bank wrote in a memo.US hospitalisations for Covid-19 are at a record and experts warn that Thanksgiving gatherings could lead to further infections and deaths.
German 10-year bund yields traded near two-week lows on Friday, while Portugal’s 10-year government bond yields touched zero for the first time. “Surely euro-dollar can’t break through $1.20 without good news on the [Brexit] trade deal,” Société Générale’s Juckes added.
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