NEW YORK, June 9 — A global equity benchmark and two key European stock indexes touched new highs yesterday, while the dollar rose in anticipation of faster inflation as volatility eased to lows last seen before the coronavirus pandemic.
Markets have been quiet before the release of second-quarter earnings in July when very strong results will be reported as a year ago they were so dismal, said Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia. In Europe, the pan FTSEurofirst 300 index added 0.08 per cent to close at a new record high, while the STOXX 600 index rose 0.15 per cent to also set a new closing high.
The three major Wall Street indexes rose, with the big tech FAANG stocks leading shares higher as the outlook for lower inflation makes their long-term earnings more valuable. Shares in electric carmaker Tesla retreated 0.3 per cent after rising earlier on data from Beijing that showed its Chinese sales — which comprise a third of the firm’s total sales — had seen a 29 per cent leap last month.
Sterling was under pressure as the British government considered whether to delay removing most of its remaining coronavirus restrictions and oil was in the doldrums, but both looked like being temporary phenomena at worst.
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