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Premarket: World stocks cruise to best week since August, China in focus

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China unveils steps to tackle ‘hidden’ debt of local governments

Global stock markets cruised towards their best week since August on Friday, with sentiment in global markets underpinned by Donald Trump’s decisive U.S. election victory, while China unveiled measures to support its flagging economy.

The modest moves masked what has been a generally strong week in stock markets, led by Wall Street shares, as Trump’s election win stoked expectations of lighter regulation and tax cuts that could further boost the U.S. economy. Optimism over stimulus measures from China, especially as Trump’s win raises the prospect of sharp tariff hikes, has buoyed Chinese stocks.

Ten-year bond yields were last down almost 5 basis points on the day at 4.29%, having reversed sharp rises seen following the U.S. election result.

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