London — World stocks held near record highs on Thursday, helped by a rebound in energy shares as oil prices rose after US fuel inventories declined and Saudi Arabia cut supplies of crude to Asia more than expected. MSCI’s gauge of global stock markets was up 0.1%, bringing their gains for the year to nearly 10%. European shares underperformed as investors looked to lock in gains after their strong run so far in 2017. Government bond yields rose as rising oil prices reinforced expectations inflation would pick up. Signs that prices would rise might encourage the European Central Bank (ECB) to step back from its ultra-loose monetary policy in coming months. Those expectations also underpinned the euro, which rose 0.2% against the dollar to $1.0883. Sterling hovered below its seven-month highs against the dollar before a Bank of England (BoE) interest rate decision and inflation report due later in the day. No change is expected in bank policies. Oil prices stood out in an otherwise r...
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