Global stock markets rallied to four-week highs on Monday as investors counted on a revival in Chinese activity to boost global growth, even as surging coronavirus cases delayed business re-openings across the United States.
In Asia, MSCI’s broadest index of Asia-Pacific shares outside Japan climbed 1.6 per cent to its highest since February, with the bullish sentiment spilling into other markets.Chinese blue chips jumped 5.7 per cent on top of a 7 per cent gain last week to their loftiest level in five years. Even Japan’s Nikkei, which has lagged with a soft domestic economy, managed a rise of 1.8 per cent.
“We advise against regarding uncertainty as a reason for exiting markets. Instead, we see ways for investors to cope with uncertainty – including averaging into markets – or even take advantage of volatility,” said Mark Haefele, chief investment officer at UBS Global Wealth Management. “The dollar has also been weaker over the past five days so emerging markets, led by China, normally do well on that back of that.”
Analysts estimate that reopenings affecting 40 per cent of the U.S. population have now been wound back. Germany’s benchmark 10-year Bund yield edged up, pulling further away from recent five-week lows in the face of rallying equity markets.
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