New York — US and European shares kicked off the new quarter with gains on Monday as talk of interest rate increases boosted bank stocks, while the dollar edged up from nine-month lows as US Treasury yields hit their highest since mid-May. Oil prices resumed their longest stretch of daily gains in more than five years after data pointed to moderating US crude output, though analysts said news of rising Opec production could cap the rally. The S&P 500 index rose after notching its strongest first half-year performance since 2013, with the energy sector leading the pack in percentage gains. US stock trading volume was expected to be light, with an early close at 5pm GMT ahead of Tuesday’s Independence Day holiday when the market will be shut. Investors were getting used to the idea that central banks including the European Central Bank could move away from stimulus measures such as massive bond purchases and ultra-low interest rates. "It’s a bit of a relief from last week. There was a...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.