Stocks rise, dollar hits one-year yen high on recovery hopes

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European and Asian stock markets extended gains following another record on Wall Street, while the dollar hit a one-year high above 110 yen.

LONDON - European and Asian stock markets extended gains Tuesday following another record on Wall Street, while the dollar hit a one-year high above 110 yen, fuelled by growing optimism about the global economic recovery.

Oil prices fell more than one percent as traffic resumed on the Suez Canal, while investors awaited Thursday's output meeting of OPEC and other major oil producers. With big data announcements due also this week, analysts said traders were largely biding their time awaiting the next catalyst to drive buying, though most tip the year-long rally across equities to continue this year despite recent stutters.

Also in focus is US President Joe Biden's much-anticipated infrastructure bill, tipped to be worth as much as $4 trillion and which follows his vast stimulus package.

 

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