Global shares hover near record peak as vaccine drive normalisation hopes
With vaccine distribution showing progress, hopes for faster normalisation in the global economy and earnings recovery weighed on global markets, with Asian shares leading the way and edging Wall Street on Friday trade.
Global shares hovered near their record peak hit nearly two weeks ago with an index of the world’s major 50 markets, MSCI ACWI extending its gains into a fifth straight day. MSCI’s gauge of Asian shares outside Japan improved 0.4% while Japan’s Nikkei gained 1%.
On Wall Street, each of major indexes increased more than 1% on Thursday, with the Nasdaq Composite Index and S&P 500 posting their record highs.
Supporting risk sentiment among investors were expectations of a large stimulus by Biden while stronger-than-expected U.S. markets data mood in the markets are stirring a bullish mood.
Meanwhile, bond yields rallied in Europe as well, with Germany’s 30-year government bond yield going back in positive territory for the first time since September.