Global stocks rally on upbeat outlook; dollar declines

14:41 • 12.03.18



European stocks advanced, tracking gains across Asian markets as trade-war concerns took a back seat to economic optimism following the U.S. jobs report Friday. The dollar slipped and Treasuries steadied, while most commodities fell, Bloomberg reports.


The Stoxx Europe 600 Index rose for a sixth day, poised for the longest winning streak since October as utility companies set the pace. The MSCI Asia Pacific Index also climbed, with gauges from Tokyo to Sydney jumping. US equity futures joined the rally. The yen strengthened as political clouds gathered around Japan’s Finance Ministry, run by a stalwart ally of Prime Minister Shinzo Abe. Part of Abenomics focuses on weakening the yen to boost the nation’s exports.


Strong economic indicators seem to have given fresh impetus to the nine-year-old bull market in global equities, which was roiled in recent weeks as President Donald Trump raised the prospect of a full-fledged trade war. With a slew of data due from China this week as well as readings on U.S. inflation and retail sales, investors will be looking for more reasons to keep the party going.


“Our customers are still bullish,” Chris Brankin, chief executive officer at TD Ameritrade Singapore, told Bloomberg TV. “You saw the jobs report last Friday, which was a perfect scenario -- you had an uptick in wages, but not too much. Investors have taken that opportunity to buy the market dips and we look for the bull market to continue.”


In Japan, a deepening political scandal is putting pressure on Finance Minister Taro Aso after his ministry altered documents tied to a controversial land sale. Aso has been Abe’s deputy since he took office in December 2012, and is seen as a key backer of the Abenomics program.


Elsewhere, Bitcoin was set for the first increase in five weekdays and West Texas crude nudged lower after last week’s advance. Emerging-market stocks surged.


 

 





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