Premarket: World stocks near three-month peak, U.S. dollar sags

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Premarket: World stocks near three-month peak, U.S. dollar sags GlobeInvestor

This translation has been automatically generated and has not been verified for accuracy.World stocks were just shy of three-month highs and the U.S. dollar weakened further on Monday as optimism on economies opening up boosted risk appetite, shrugging off worries over riots in the U.S. and unease over Washington’s power struggle with Beijing.

“The Trump rhetoric against China and trade impediments against Hong Kong could have been a lot worse, hence the performance of those markets this morning, which has helped the risk backdrop for the European open,” said Chris Bailey, European strategist at wealth manager Raymond James. An official business survey from China showed its factory activity grew at a slower pace in May but momentum in the services and construction sectors quickened.That helped lift MSCI’s broadest index of Asia-Pacific shares outside Japan 2.1% to its highest since early March. Japan’s Nikkei added 0.7% to also reach a three-month peak.

Bond investors suspect economies will need massive amounts of central bank support long after they reopen and that is keeping yields super low even as governments borrow much more.Yields on U.S. 10-year notes were trading steady at 0.66% having recovered from a blip up to 0.74% last month when the market absorbed a tidal wave of new issuance.In currency markets, the euro continued to lap up gains, the single currency was last up at $1.1131, after climbing 1.8% last week.

 

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