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Global stocks rebound, dollar plunges as Biden-Xi call improves mood

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  • MSCI World up 0.3% after gains in Asia
  • Dollar down 0.2%, but sees weekly gain
  • Oil over supply problems in the United States

LONDON, Sept. 10 (Reuters) – Global stocks rose and the dollar fell slightly on Friday, with news of a call between Xi Jinping and Joe Biden offering some relief to traders considering cautious central bank measures to put end of the relaunch.

The US president and his Chinese counterpart spoke for 90 minutes during their first talks in seven months on Thursday, discussing the need to avoid letting competition between the world’s two largest economies escalate. Read more

This helped Chinese stocks (.CSI300) rise 0.9%, boosting the region and lifting the MSCI World Index (.MIWD00000PUS), its broadest indicator of global stock markets, up. 0.3% in European transactions, ending a three-day losing streak. .

Despite the gains, aided by a similar performance in major European markets, the index remains down 0.6% for the week and on track for its first decline in three, although it hovers around 1% d ‘a record high and up 92% from 2020 lows.

US equity futures showed an open 0.4% higher on Wall Street later in the session.

The pace at which central banks, particularly the US Federal Reserve and the European Central Bank, choose to reduce their support for the economy remains the driving force behind market sentiment amid mounting inflationary concerns.

Thursday’s decision by the ECB to cut its bond purchases, albeit slightly, is likely to be followed by the Fed later this year according to some officials, despite a weak employment report in August. Read more

“With the ECB raising its economic projections for 2022 and beyond, it appears that the ceiling on political accommodation has been exceeded,” said Mark Dowding, chief investment officer at BlueBay Asset Management.

Looking ahead, Dowding said next week’s US inflation could help dictate the market direction in the near term.

Despite the prospect of a slowdown in stimulus packages in the coming months, Mark Haefele, chief investment officer at UBS Global Wealth Management, said he expected central banks to remain pro-growth and maintain low interest rates.

“This is positive for the equity markets, especially the cyclical and value sectors of the market. And while it complicates the search for yield, we continue to see opportunities,” he wrote in a note. to customers.

“In currencies, we believe that a long position in GBP and NOK and short in EUR and CHF should provide a mid to high single-digit rise percentage on a total return basis over the six to 12 years. next months. “

Amid a broader risk environment, despite lingering concerns over COVID infection rates, the greenback edged down against a basket of major peers, down 0.2%, but remained on the right track lane for his first weekly win of three.

The benchmark 10-year Treasury yield, meanwhile, extended the gains in European hours to 1.3292% from its US close of 1.3%.

Among European markets, the benchmark 10-year German government bond yield was stable after the ECB move, but Greek yields fell for the second day as markets continued to view the bank’s cautious approach. as positive.

Elsewhere in currencies, the pound rose 0.3% despite data showing the UK economy slowed in July. The euro appreciated 0.1%. Read more

Oil also gained ground on signs of tightening US supplies after Hurricane Ida hit offshore production, Brent crude up 1.6% to $ 72.57 a barrel and US crude West Texas Intermediate at $ 69.21 per barrel, up 1.6%.

Additional reporting by Alun John in Hong Kong; Editing by Kim Coghill, Mark Heinrich and Raissa Kasolowsky

Our standards: Thomson Reuters Trust Principles.

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2/ https://www.reuters.com/business/global-markets-wrapup-4-2021-09-10/

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