Global Markets Mostly Rise; London Hits Pre-Covid Peak

Global equities rose most on Thursday, London hit a pre-pandemic high, and optimism grew after the Federal Reserve emphasized its commitment to record low interest rates.

London’s benchmark FTSE 100 Index soared to 6,926.68 points. This is the highest daytime level in over a year before comparing the rise.

In the euro area, Paris made progress, but Frankfurt leveled off after earlier progress. analyst Neil Wilson said, “UK stocks entered 2021 with significant discounts over their peers, but did not enjoy the same bounce as the US and some European markets. “.

“Finally, UK equities are bouncing back with a combination of strong UK growth expectations, continued monetary policy support, and strong expectations for a global recovery.”

The Asian market rose primarily as traders were fascinated by the Fed’s minutes and more willing to keep borrowing costs at record lows for extended periods of time.

“The optimism surrounding the recovery of the global economy, supported by the Federal Reserve Board’s mitigation measures, has boosted European stocks,” said Sophie Griffith, an analyst at OANDA.

“The minutes of the March (FRB) meeting didn’t reveal anything new, but the Fed’s repeated supportive stance seems to have been a tonic for the market.”

Traders were also monitoring the progress of US President Joe Biden’s huge infrastructure program.

A significant rise was seen after yet another record for the S & P 500 on Wall Street, supported by the general optimistic mood that the global economy is heading for a strong recovery as the vaccine is deployed.

Biden came out Wednesday, advancing $ 2.2 trillion in road and bridge plans, warning that it would be a moment to ensure that the United States could “lead the world as it has done historically.” ..

The prospect of another huge spending surge coming shortly after his $ 1.9 trillion stimulus has passed added to expectations that the country is heading for blockbuster growth.

For now, traders are pleased to attend the rally as the coronavirus vaccination program progresses, allowing the economy to gradually resume in some areas, even if it is a little slower than in others. ..

Axis strategist Stephen Ines said, “Investors appear to be happy and willing to bet on the recovery in the coming months in the light of strong data in recent weeks, so short-term momentum continues. It seems to work in favor of the bulls. “

Joe Biden urged lawmakers to push forward with his vast infrastructure proposal, which could face congressional hurdles.
Getty Images North America / Drew Angerer

“In addition, equity volatility has remained low near the lowest levels since the pandemic began, helping to take risks.”

London-FTSE 100: 0.2% increase at 6,899.31 points

Paris-CAC 40: up 0.4% at 6,157.65

Frankfurt-DAX30: Flat 15,176.62

EURO STOXX 50: 0.3% increase at 3,967.89

Tokyo-Nikkei 225: 29,708.98, down 0.1% (closing price)

Hong Kong-Hang Seng Index: up 1.2% at 29,008.07 (closing price)

Shanghai Composite: 3,482.55, up 0.1% (closing price)

New York-Dow: 33,446.26, up 0.1% (closing price)

Euro / dollar: $ 1.1872 rise from $ 1.1868 on 2100 GMT

Pound / $: Rise from $ 1.3737 to $ 1.3738

Euro / Pound: Rise from 86.39 pence to 86.42 pence

Dollar / yen: Fall of 109.50 yen from 109.85 yen

West Texas Intermediate: $ 59.47 / barrel down 0.5%

Brent Crude: $ 62.99 / barrel down 0.3%

Global Markets Mostly Rise; London Hits Pre-Covid Peak Source link Global Markets Mostly Rise; London Hits Pre-Covid Peak

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