LONDON: World stocks remained on course for their best month ever on Friday as recent vaccine progress, Joe Biden's U.S. presidential election win, hopes for further stimulus, a commodity surge and a weak dollar all lifted the spirits.
"Risk sentiment is in reasonable nick because we've got vaccines and easy money," said Societe Generale strategist Kit Juckes."That is the underpinning of optimism." Several scientists have raised doubts about the robustness of results showing the shot was 90per cent effective in a sub-group of trial participants who, by error initially, received a half dose followed by a full dose.
The European Central Bank's chief economist highlighted these concerns, saying there were"some worrying signals" in financing conditions in Europe for small and medium-sized enterprises, which pushed European bond yields lower. The dollar, which has fallen more than 2.2per cent so far this month as global sentiment has surged, lessening demand for the safe-haven currency, was near its lowest in nearly three months.