On the heels of a bumper US jobs report on Friday, March data showed services activity hit a record high. China’s service sector has also gathered steam with the sharpest increase in sales in three months.— Reuters picLONDON, April 7 — World stocks hit record highs yesterday, supported by strong economic data from China and the United States, while currency and bond markets paused for breath after a month of rapid gains in the dollar and Treasury yields.
“We recommend continuing to position for the reflation trade as the economic recovery gathers pace — data released Friday showed US nonfarm payrolls surged by 916,000 in March, the biggest gain since August. “ “Bonds have settled down now,” said Omkar Joshi, portfolio manager at Opal Capital Management in Sydney, after a hard and fast selloff. “I think markets can keep powering on from here.”
“What needs to be tested is how the Fed reinforces and reassures on its flexible average inflation target policy,” said Vishnu Varathan, head economist at Mizuho Bank in Singapore.
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