Global equities head for highest close in three weeks

Global equities were headed for the highest close in three weeks and the dollar rose versus most peers as investors waited to see whether comments from Federal Reserve Chair Janet Yellen would disrupt the calm that’s settled over financial markets. The Federal Reserve should raise interest rates "in the coming months" if the economy picks up as expected and jobs continue to be generated, U.S. central bank chief Janet Yellen said on Friday, bolstering the case for a rate increase in June or July.

Stocks were poised for the steepest weekly advance in more than a month as financial risks around the world eased. Oil slipped after touching $50 a barrel this week for the first time in at least six months and iron ore rebounded. The British pound was the biggest gainer among major currencies this week on growing confidence the U.K. will remain in the European Union.

The MSCI AC World Index rose 2.1 percent for the week. The Stoxx Europe 600 Index trimmed a third weekly advance, with trading volumes 37 percent below the 30-day average before holidays in the U.K. and U.S. on Monday. The S&P 500 rose 1.8 percent this week, its biggest increase in more than two months. The MSCI Emerging Markets Index rose to a threeweek high as Indian and Taiwanese shares powered advances in Asia.

Oil trimmed its third weekly advance as Canadian energy producers moved to resume operations after wildfires eased. West Texas Intermediate dropped 1.1 percent to $48.94 a barrel, paring the weekly gain to 2.5 percent. Brent slid 1.6 percent to $48.84.

Prices climbed above $50 a barrel on Thursday for the first time in more than six months as a decline in U.S. crude stockpiles and production accelerated. The Organization of Petroleum Exporting Countries may stick to its strategy of prioritizing market share over prices when it meets next week.

This article was compiled byValletta Fund Management Limited, a member of the BOV Group.Valletta Fund Management,TG Complex, Suite 2, Level 3, Brewery Str., Mriehel BKR 3000 Freephone: 80072344. E-mail: infovfm@bov.com. Website: www.vfm.com.mt. Valletta Fund Management Limited is licensed by the MFSA.