The Malta Independent on Sunday
Global markets reach new records
Gold prices hit a seven-week high and global stocks scaled new records on Friday after strong U.S. and Chinese economic data bolstered expectations of a solid global recovery from the coronavirus pandemic.
Government stimulus, strong corporate earnings from U.S. banks and in Europe, along with signs of economic recovery in countries leading the COVID-19 vaccination race have all helped push stock market indexes to new heights this week.
MSCI’s broadest gauge of world stocks rose 0.42% to an all-time peak, lifted by surging European shares and lesser gains on Wall Street where both the Dow Industrial and benchmark S&P 500 posted their fourth week of successive gains.
In Europe, the pan-regional STOXX 600 index closed up 0.9% at a new peak, while Germany’s DAX gained 1.3% to hit an all-time high and the UK’s FTSE 100 rose 0.5% to close at more than one-year highs.
On Wall Street, the Dow Jones Industrial Average rose 0.48% and the S&P 500 gained 0.36%, both setting new highs. The
Nasdaq Composite added 0.1% as declines in the information technology sector weighed.
Chinese data showing record 18.3% growth in the first quarter drove Asian shares higher, though the reading slightly undershot expectations. Retail sales bounced strongly last month.
Asian markets rallied overnight on the news. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.4% and Shanghai shares added 0.8%. Japan’s Nikkei edged up 0.1%.
Gold prices posted their biggest weekly percentage gain, about 4.5%, since early November as the slide this week in Treasury yields and a weaker dollar brightened the metal’s appeal. U.S. gold futures settled 0.8% higher at $1,780.20 an ounce.
Oil fell slightly after a week of gains built on strong U.S. and Chinese economic data that offset concerns about rising COVID-19 infections in other major economies.
Brent crude futures settled down 17 cents at $66.77 a barrel and U.S. crude futures fell 33 cents to settle at $63.13 a barrel.
This article was compiled by BOV Asset Management Limited, a member of the BOV Group. BOV Asset Management,TG Complex, Suite 2, Level 3, Brewery Str., Mriehel BKR 3000. Email: infoassetmanagement@bov.com Internet address: www.bovassetmanagement.com. BOV Asset Management is licensed by the MFSA.