Business Maverick: CoStock Rally Extends; Dollar Lowest Since March: Markets Wrap

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The global rally in stocks showed no signs of abating Wednesday as investors continued to bet on a quick economic recovery from the coronavirus pandemic. The dollar hit the lowest level since late March.

Traders are also looking past civil and political unrest in the U.S. Chicago will enter the next phase of its reopening plan as scheduled on Wednesday, protests notwithstanding.

“If I look at the markets, I see a V-shaped recovery,” Mark Mobius, co-founder at Mobius Capital Partners, said on Bloomberg TV. “That’s what the markets are telling us.” Elsewhere, the Australian dollar pared gains after data showed the economy retreated on a quarterly basis in the first three months of the year. On Tuesday, European shares climbed to aHere are some key events coming up:

In Europe, the ECB is expected to top up its rescue program with an additional 500 billion euros of asset purchases at a meeting on Thursday. Anything less than an expansion would be a big shock, Bloomberg Economics said. The U.S. labor market report on Friday will probably show American unemployment soared to 19.6% in May, the highest since the 1930s.Futures on the S&P 500 Index rose 0.2% as of 12:10 p.m. in Tokyo. The gauge rose 0.8% on Tuesday.Shanghai Composite index added 0.3%.Euro Stoxx 50 futures rose 1.1%.The offshore yuan dipped 0.2% to 7.1176 per dollar.The yield on 10-year Treasuries climbed about two basis points to 0.70%.West Texas Intermediate crude increased 2.2% to $37.61 a barrel.

 

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