World stocks static but near record highs on IMF forecasts

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The International Monetary Fund is forecasting the strongest global growth since the 1970s

London — World stocks idled near record highs on Wednesday as an International Monetary Fund forecast of the strongest global growth since the 1970s this year and steady bond and forex markets kept risk appetite buoyant.

Investors’ growth hopes had been bolstered on Tuesday when the IMF raised its global forecast to 6% this year from 5.5%, reflecting a rapidly brightening outlook for the US economy. Overnight, MSCI’s broadest index of Asia-Pacific shares had started on a firm footing, going as high as 208.46 points, a level last seen on March 18. However, it succumbed to selling pressure and ended flat as China’s blue-chip CSI 300 index dipped 1% and Hong Kong eased 0.9%.

All eyes will also be on minutes of the US Federal Reserve’s March policy meeting when they are published later.

 

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