LONDON: The global stocks rally was back on track on Tuesday , with more support from the Federal Reserve and the Bank of Japan helping end a bumpy few days for financial markets.
"It is a buy-the-dip mentality," John Hardy, head of FX strategy at Saxo Bank, said after risk-sensitive currencies such as the Australian dollar also made gains overnight. The euro and yen were both barely budging at $1.1333 and 107.33 yen per dollar. The Bank of Japan had increased its lending packages for cash-strapped firms to US$1 trillion from about US$700 billion, but had also kept rates steady, sticking to its view that the Japanese economy will gradually recover from the impact of the coronavirus pandemic.
Benchmark 10-year Treasury yields notes edged up to 0.74% in response, and the spread between two-year and 10-year yields widened to 54 basis points in another sign of improving risk appetite.
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Buy stocks, says Morgan Stanley in post-virus recoveryThe call comes as global markets pull back from a sharp rally that has lifted world stocks. FMTNews MorganStanley
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Morgan Stanley: Recovery rally has further to run, so buy stocks | Malay MailSINGAPORE, June 15 — Stock market gains have further to run and investors are still under-pricing the scale of the world’s coronavirus recovery, investment bank Morgan Stanley said in an outlook note. “While the last four months have been exceptional, we think that this cycle has been, and...
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