World stocks continue great 2019 start helped by miners and banks
World shares extend their two-month highs with iron ore at a near two-year high as Brazil orders dam closures; the dollar holds firm ahead of Trump’s state of union address
London — Europe’s miners and banks helped world stocks extend their white hot start to the year on Tuesday, while the dollar was straining for a fourth day of gains as traders waited for US President Donald Trump’s state of the union address. The US Federal Reserve’s cautious turn last month continued to drive up appetite for riskier assets but there were also a number of idiosyncratic factors feeding outsized moves. News that oil giant BP had doubled it profits and another uptick in crude prices overnight pushed the oil and gas sector up 1.5%. Miners were also up sharply as traders digested news that Brazil had ordered Vale, the world’s largest iron ore miner, to close eight of its dams following a deadly collapse that killed more than 300 people last month. Iron ore prices surged 14% at the end of last week in anticipation of the move and are now at a near two-year high. “Our fundamental view is there is no reason for this incredible move, so is it just speculation, a frenzy about...
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