Global stocks kicked off the week on a tepid note on Monday, after strong gains last week, while increasing bets on Donald Trump winning the looming U.S. Presidential election helped send bitcoin and gold to new peaks.
“Earnings will be very important in giving direction to stocks - whether or not current U.S. valuations can be justified,” said Chris Scicluna, head of economic research at Daiwa Capital Markets in London. Although China cut its benchmark lending rates on Monday, the move was anticipated. China’s blue-chip index rose just 0.2% as investors awaited further details on Chinese stimulus.
“ seems now that Trump’s ahead in the key battleground states, which suggests he’s quite well placed to regain the White House and I think the markets started to factor that in last week with the stronger equities, higher yields, U.S. dollar obviously doing very, very well and bitcoin on track for a 10% gain over the past week,” said Tony Sycamore, a market analyst at IG.
Sterling and the euro were down about 0.2% each against the dollar, while the U.S. currency traded 0.25% firmer at 149.91 yen .
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