Global shares held around record highs on Thursday, supported by investor confidence in the prospect of a drop in U.S. interest rates this year, which also boosted gold, while the pound held steady ahead of a Bank of England meeting later in the day.
The MSCI All-World index was broadly steady at 805.19, having marked another record high on Wednesday, when U.S. markets were closed for a public holiday. “We still feel that this is a bank that wanted to cut six months ago and fully expect an implication of a cut in August, with the door open for more to come after,” he said.
A surge in tech stocks on Tuesday lifted AI chipmaker Nvidia above Microsoft as the world’s most valuable company, leading to a global rally in tech shares. Weston though cautioned that index market breadth has been poor, with participation underwhelming, suggesting the rally has been built on a shaky foundation.