LONDON (Reuters) – Global stocks hit record highs on Tuesday, supported by strong economic data from China and the United States, while currency and bond markets paused after a month of rapid gains dollar yields and treasury bills.
Stocks as measured by the MSCI All Country World Index covering 49 countries hit an all-time high as European stocks caught up on gains in Asia and Wall Street overnight in their first trading session since the summer break. Easter.
The pan-European STOXX 600 index hit a record high after opening in Europe.[.EU]
Profit taking pushed the Japanese Nikkei down 1% and trailed the Shanghai Composite.
The S&P 500 closed on Monday at a record high, and futures fell 0.2% on Tuesday. [.N]
In the wake of an exceptional US employment report on Friday, data for March showed service activity to hit an all-time high. The service sector in China also gained momentum with the biggest sales increase in three months.
We believe investors shouldn’t be afraid to enter the market at record levels, said Mark Haefele, Chief Investment Officer, UBS Global Wealth Management.
We recommend continuing to position ourselves for reflationary trade as the economic recovery gathers pace – data released on Friday showed the non-farm payroll in the United States jumped by 916,000 in March, the biggest gain since August.
The benchmark 10-year US Treasury yield fell to 1.7093%, while the US dollar mostly missed a big rebound from solid data and held steady at $ 1.1819 per euro per day after falling. posted its biggest drop since mid-March.
Elsewhere, Swiss lender Credit Suisse has sought to draw a line under its exposure to the implosion of hedge fund Archegos Capital, announcing that the debacle will cost it around $ 4.7 billion and two senior executives their jobs.
The stabilization of Treasury and dollar yields follows a higher load in the first quarter, with 10-year yields rising 83 basis points, the largest quarterly gain in a dozen years and rising of 3.6% of the dollar index – the strongest since 2018.
Bonds have stabilized now, said Omkar Joshi, portfolio manager at Opal Capital Management in Sydney, after a sharp and rapid sell-off. I think the markets can continue to function from here.
The minutes of the US Federal Reserve’s March meeting, scheduled for Wednesday, are the bond markets’ next target, although they will not resolve the latest data surprises and markets have far exceeded projections from the Fed for years of low rates.
The price of federal funds futures rose next year, while the Eurodollar markets valued it in December.
What to test is how the Fed is strengthening and reassuring about its flexible targeting average inflation policy, said Vishnu Varathan, chief economist at Mizuho Bank in Singapore.
The dollars of recent weeks of movement reflect the evolution of the markets despite what the Fed has said.
Currencies were fairly calm throughout the Asia session and held on to small gains on the dollar. The Australian dollar traded at $ 0.7647 after the central bank kept policy settings stable, as expected.
The yen was a fraction lower at 110.21 to the dollar, while the British pound hit a two-and-a-half-week high at $ 1.3919. [FRX/]
The dollar swing helped oil prices recoup some losses suffered on Monday, fearing that a new wave of COVID-19 infections in Europe and India could reduce demand for energy. [O/R]
Brent futures rose 1.4% to $ 62.98 a barrel while US crude climbed 1.5% to $ 59.56 a barrel. Gold tacked 0.2% to $ 1,732 an ounce. [GOL/]
Reporting by Ritvik Carvalho; additional reporting by Thyagaraju Adinarayan in London; and Tom Westbrook in Singapore; Editing by Nick Macfie
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