LONDON - World stocks rallied to six-month highs on Wednesday as investors cheered signs of progress in U.S.-China trade talks and reassuring economic data, helping push Germany’s 10-year bond yield back up to zero percent.
Europe’s stock markets rose almost 0.8 percent to their highest since August, tracking strong overnight gains in Asia where MSCI’s broadest index of Asia-Pacific shares outside Japan climbed to a seven-month peak. “Investors are happy to be patient here in the hope that the two sides get this right and put an end to a trade war that has clearly taken its toll on markets.”
“What we’re seeing is that markets have climbed a world of worry but there is progress on trade, a recession is unlikely, central banks have made nods to more dovish policy,” said Chris Bailey, European Strategist at Raymond James. “If you put that into the mix I’m not surprised risk assets have moved up.”
News that the United States is considering more sanctions against Iran, the fourth-largest producer of the Organization of the Petroleum Exporting Countries , and the halting of production at a crude terminal in Venezuela threatened to squeeze supply and pushed oil prices up on Tuesday.Sterling rose further as traders welcomed news that Britain’s May would begin cross-party talks with the opposition Labour party as a signal that Britain will end up with a “softer” exit from the European Union.
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Source: CNBC - 🏆 12. / 72 Read more »
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