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Vaccine hopes drive stocks higher on 'Black Monday' anniversary

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World stocks inched higher and the dollar slipped on Monday as rising hopes of a coronavirus vaccine by the end of the year and a U.S. fiscal ...

LONDON: World stocks inched higher and the dollar slipped on Monday as rising hopes of a coronavirus vaccine by the end of the year and a U.S. fiscal package before elections offset concern over record daily infections in Europe.

Trading volumes in Europe were however sharply lower due to a technical glitch at exchange operator Euronext, which led to trading activity being halted in Amsterdam, Brussels, Lisbon and Paris bourses. Sacks however believes the slowdown in recovery will not affect markets due to continued monetary and fiscal support from central banks and governments. He remains"overweight" equities.

Meanwhile, separate monthly indicators pointed to an expansion in economic activity in China. Industrial output accelerated 6.9per cent in September from a year earlier, when analysts were looking for a 5.8per cent gain from a 5.6per cent rise in August.

 

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