World stocks notch up longest winning streak of the year
The MSCI world index is at a three-week high after eight days of gains, with European stocks at a one-month high, with eyes now on the Fed meeting
London — World stocks basked in an eighth straight session of gains in their longest winning streak of the year on Thursday, as reassuring trade data from China kept the previous day’s post-US midterms risk rally rolling. Traders are gearing up for the latest US Federal Reserve meeting in a confident mood and the contrast to a month ago, when markets were taking a painful pounding, could not be more stark. European shares jumped to a one-month high after results from Société Générale and Commerzbank and France’s Sodexho soothed concerns about slowing corporate earnings. Asia and Wall Street had set similar milestones overnight. The dollar and bond yields also rose, the US currency pulling away fromtwo-and-a-half-week lows hit after US President Donald Trump’s loss of the House of Representatives in the midterms reduced the chance of another blizzard of tax cuts. This had analysts and money managers breathing a sigh of relief that the US economy wouldn’t ultimately overheat and force...
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