World stocks edged up and the dollar slid on Monday after global equities enjoyed their best week in nine months on expectations the U.S. economy would dodge a recession and cooling inflation would kick off a cycle of interest rate cuts.
A preliminary takeover offer from Canada’s Alimentation Couche-Tard sent the 7-Eleven convenience store chain Seven & I holdings surging 23% to a daily limit high, though no decision to accept the offer has been taken. “Everything points to this Friday. We’ll be looking for any indication that rate cuts might be on the way. The next question is, how big will those rate cuts be?” said Paul O’Neill, chief investment officer of wealth management firm, Bentley Reid.
Ahead of the busy week, broad European shares opened flat on Monday while the blue-chip FTSE 100 index fell 0.3% and Germany’s ticked down 0.2% as of 0855 BST. In currency markets, the dollar lapsed 1.0% to 146.12 yen while the euro firmed to $1.1040, just below last week’s peak of $1.1047.
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