Yields on top-rated German government bonds dipped but remained near more than two-month highs hit last week on the back of improving sentiment in world markets. ― Reuters pic
The Nasdaq closed at a record high, confirming a bull market for the index that began on March 23 when stocks began to pull out of a deep plunge after coronavirus fears threw the US economy into recession and sent markets spiraling downward. “The majority of investors believe the road to recovery is here,” said Edward Moya, senior market analyst at currency dealer OANDA in New York. “We're possibly seeing some signs of a much quicker recovery than anyone anticipated. That's helping push the stock market.”
Investors will be seeking clarity from Fed Chair Jerome Powell on monetary and fiscal policies, Moya said.Oil fell after the Organisation of the Petroleum Exporting Countries and others agreed on Saturday to sustain cuts agreed to in April that were equal to about 10 per cent of global oil supply. Asia shares rose in a catch-up rally following Friday's US jobs data but gains were capped by Chinese data, published on Sunday, that showed exports contracted in May.