WASHINGTON, Aug 31 ― US and global equity benchmarks hit all-time highs yesterday, as the Federal Reserve appeared in no rush to step away from its massive stimulus, and US oil prices finished higher.
High-growth tech stocks tend to benefit from expectations of lower rates because their value rests heavily on future earnings.The Europe-wide STOXX 600 rose 0.07 per cent and was on course to end August with a rise of more than 2 per cent ― its seventh month of gains in what would be its longest such winning run in over eight years.
With the market focused on the medium term, traders have seen any weakness as buying opportunities, said Pictet Wealth Management strategist Frederik Ducrozet. Chinese regulators cut the amount of time players under the age of 18 can spend on online games to an hour on Fridays, weekends and holidays, state media reported.
Focus turned to a meeting of the Organization of the Petroleum Exporting Countries and its allies on Wednesday, with sources telling Reuters the group is likely to keep its oil output policy unchanged and continue with its planned modest production increase.