Global shares rally to four-week highs

08 Juillet, 2020, 03:39 | Auteur: Auguste Feret
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The S&P 500 added about 50 points or 1.59%, the blue-chip Dow Jones gained 460 points or 1.78% and tech-heavy Nasdaq Composite rose 2.21%.

China's Shanghai Composite recorded its biggest one-day gain on Monday, sending shares to fly in the green in Hong Kong and other regions across the world on a future robust recovery. Even Japan's Nikkei, which has lagged with a soft domestic economy, managed a rise of 1.8 per cent.

China's condition media struck a a lot more measured tone on Tuesday, after previously publishing commentaries that highlighted the situation for shopping for shares.

Oil prices edged higher after the USA government forecast higher fuel demand and lower production, overshadowing concerns that the surge in new coronavirus cases would hamper demand. "One of three things could kill the rally: worse-than-expected economic data, policy tightening and a correction in the U.S. market", economists at Macquarie Group Ltd. said in a note.

Gainers overwhelmed losers on both the Shanghai and Shenzhen bourses, where over 100 companies saw their shares hiking by the daily limit of 10 percent, pushing the total market value of China's A-shares to over 10 trillion dollars, a record high since June 2015.

Most markets gained ground last week as a raft of economic data from June beat expectations, although the resurgence of coronavirus cases in the United States is clouding the future.

"Chinese equity markets are bounding higher on ebullient animal spirits", said Thomas Gatley, an analyst at research firm Gavekal.

Brent crude futures slid 2 cents to settle lower at $43.08 a barrel, while US crude futures fell 1 cent to settle at $40.62 a barrel.

"Markets will have to climb a wall of worry in July as economic activity likely softens from the V-shaped recovery seen over recent months", said Robert Rennie, head of financial market strategy at Westpac.

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"We must remember too that USA and China relations are deteriorating noticeably".

Surging volumes, massive margin borrowings and a deluge of foreign money in China's stock markets are pointing to another sizable run-up in share prices in the second half of 2020.

The risks, combined with unceasing stimulus from central banks, have kept sovereign bonds supported in the face of better economic data.

Germany's benchmark 10-year Bund yield edged up, pulling further away from recent five-week lows in the face of rallying equity markets.

The dollar index =USD , which tracks the greenback versus a basket of six currencies, rose 0.22% to 96.942.

The euro sat just below a two-week high touched on Monday at $1.1275 and the pound held steady at $1.2491.

Spot gold rebounded to within a striking distance of $1,800 an ounce on the potential that a sharp jump in COVID-19 cases would lead to more accommodative monetary policy measures and greater demand for the safe-haven metal.

Oil prices were mixed with Brent crude futures up 1.87 per cent at $43.58 a barrel, while USA crude gained 0.84 per cent to $40.99 amid worries the surge in US coronavirus cases would curb fuel demand.


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