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“The feel-good factor appears to be driven by a number of factors including better than expected economic data, as well as the dialing back of trade tensions between the U.S. and China as the low-hanging fruit of a phase one trade deal was being signed off,” said Michael Hewson, chief market analyst at CMC Markets.
MSCI’s s all-country index is up almost 2.5% for the first three weeks of the year and was holding near record highs on Monday along with Wall Street and European benchmark equity indices.In Asia, MSCI’s broadest index of Asia-Pacific shares outside Japan was flat having risen to its highest since June 2018. Japan’s Nikkei added 0.2% to be near its highest in 15 months.
“In 2020 we don’t expect the pace of growth to slow as much as it did last year,” said Mark Haefele, chief investment officer at UBS Global Wealth Management.