MSCI's broadest index of Asia-Pacific shares outside Japan closed 0.65 per cent higher, while Japan's Nikkei rose 0.36 per cent. — Reuters picNEW YORK, April 27 ― Global stock markets made moderate gains yesterday as increasing confidence about a rapid recovery of economies from the Covid-19 pandemic offset concerns about the speed of the market's rally.
“Right now we're kind of waiting,” said Dennis Dick, a trader at Bright Trading LLC. “We look pretty healthy but all it takes is a couple of disappointing reports and that can change in a hurry.” Asian shares rallied. MSCI's broadest index of Asia-Pacific shares outside Japan closed 0.65 per cent higher, while Japan's Nikkei rose 0.36 per cent.
“The real crux of the issue is, 'What's in the price?' The year-to-date rally has increasingly eliminated upside to our targets,” noted Andrew Sheets, a strategist at Morgan Stanley. “Across four major global equity markets , only Japan is currently below our end-2021 strategy forecast.
Most observers expect the Fed will stick to its pledge to keep stimulus flowing until the economy has recovered sufficiently and downplay the threat of rising inflation ― any suggestion otherwise could hit market confidence sharply. The dollar index, which tracks the greenback versus a basket of six currencies, fell 0.025 points or 0.03 percent, to 90.834.