World stocks hit one-month high on tech earnings and as China promises stimulus
Google parent Alphabet jumps to a record as results impress; metal prices surge due to Beijing’s stimulus signals
New York — Global equity markets hit their highest in a month on Tuesday, as stellar results from Google parent Alphabet underpinned tech stocks and China promised fiscal action to support the world’s second-largest economy. MSCI’s index of stock markets around the world gained 0.86% after Wall Street opened higher. Alphabet, part of the so-called Faang (Facebook, Amazon, Alphabet, Netflix and Google) group of popular tech stocks that have led the US market’s near-decade bull run, jumped 4.8% to a record high after a better-than-expected quarterly revenue jump. Metals prices surged thanks to stimulus signals in Beijing, while global bonds were still volatile following speculation that the Bank of Japan (BOJ) may soon trim its massive stimulus. Clawing its way back from prices near one-year lows, copper rose 2.7% to $6,296.50 a tonne. China’s offshore yuan, meanwhile, hit a one-year low and Beijing’s government bond yields jumped after the cabinet said it would pursue a more vigorous...
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