London/Shanghai — Global shares rallied, with Japan’s Nikkei hitting a three-decade peak, while US treasuries extended their steepest sell-off in months on Friday as investors looked beyond rising coronavirus cases and political unrest in the US to focus on hopes for an economic recovery later in the year.

Europe’s Euro Stoxx 600 opened up 0.7%, with Frankfurt’s index up 0.8% after German industrial output and exports rose in November...

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