A man shelters under an umbrella as he walks past the London Stock Exchange in London. Picture: REUTERS/SUZANNE PLUNKETTWorld stocks held their ground on Monday after eight consecutive sessions of gains, as traders weighed the prospects of strong corporate earnings on the backdrop of widening inflation risks from multiyear high crude oil prices.
MSCI’s broadest index of world stocks steadied below an early September high after notching up eight consecutive sessions of gains, its longest winning streak since late May, according to Refinitiv data. On Monday, Facebook will kick off earnings for tech giants, with other heavyweights including Microsoft, Apple and Alphabet, and European and Asian financial behemoths from Deutsche Bank to Lloyds reporting later in the week.
The risk-friendlier mood has weighed on safe-haven currencies such as the yen, as have rising energy prices, which supported currencies including the Aussie and Canadian dollars.