Global shares headed on Friday for their best month since May as hopes for strong U.S. growth and the artificial intelligence investment boom outweighed concerns about political upheaval and economic slowdown in Europe.
Trump’s Nov. 5 election victory and pledges of tax cuts, deregulation and import tariffs have supercharged investors’ expectations for U.S. and Wall Street stocks to keep outperforming other regions. Indonesian shares have dropped 5% during November in their worst month since September 2020 while South Korean shares have slumped 3.9% lower to mark a five-month losing streak, the longest since 2021.
The 10-year German yield was steady at 2.113% on Friday morning after falling 27 bps this month, widening the gap with France where yields this week touched their highest over Germany’s since 2012. Far-right leader Marine Le Pen has this week ramped up threats to topple France’s fragile coalition government as Prime Minister Michel Barnier’s struggles to win support for tax hikes and spending cuts designed to shrink a huge budget deficit.
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