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MILAN / SYDNEY (Reuters) – Global stocks edged up record highs on Tuesday after strong data from China boosted expectations of a recovery from the COVID-19 slowdown and drugmakers seek quick approval for their vaccines and that the authorities appear ready to maintain their support for the recovery. .
Bets of further easing by the Fed in the United States to help the pandemic-stricken economy throughout the winter weighed on the dollar as riskier currencies rose as crude prices rose. missed the rebound after OPEC + countries delayed a decision on production cuts.
The MSCI World Stock Index, which tracks shares of 49 countries, was up 0.4% at 8:49 a.m. GMT.
Vaccine development breakthroughs from leading drugmakers Pfizer, Moderna and AstraZeneca last month, along with the market-friendly outcome of the US presidential election, helped the index mark its best month ever, in 12% rise to new all-time highs.
“We believe the rally can continue, with the current pipeline of vaccine deployments expected in line with our central scenario of widespread availability in the second quarter of 2021,” said Mark Haefele, Chief Investment Officer at UBS Global Wealth Management in Zurich.
“We also believe that a divided US government – which seems the most likely outcome – is not an obstacle to a rising market,” he added.
In Europe, the pan-regional benchmark STOXX 600 was up 0.7% in early trades, while US stock index futures also pointed to a good start on Wall Street, with investors focusing on the November manufacturing industry surveys in Europe and the United States.
Previously, the largest MSCI index of Asia-Pacific stocks outside of Japan rose 1.3%, while China’s blue-chip CSI300 index jumped 2.2% after a trade survey reported. showed Tuesday that activity in the Chinese factory sector had accelerated at the fastest rate in a decade in November.
Japan’s Nikkei rose 1.3% while Australia’s S & P / ASX 200 gained 1.1% after Australia’s central bank said the country’s economy would need support fiscal and monetary “for a while”.
“What we are seeing today is that the upward trend is reasserting itself, given the positive news on the vaccine front, the resumption of growth in China and the great confidence in the capacity of banks power plants to keep markets afloat, ”said Stephen Miller, market strategist. for the management of GSFM funds.
Moderna Inc has applied for emergency clearance in the United States for its COVID-19 vaccine after full results from an advanced-stage study showed it to be 94.1% effective without any serious safety concerns.
In currency markets, the dollar was under pressure after ending its worst month since July with a bit of a rebound and as investors counted on even more US monetary easing.
The dollar index was last down 0.3% to 91.706.
In a speech released Monday evening, Fed Chairman Jerome Powell said a slowing recovery and a growing pandemic meant the United States was entering a “tough” few months, with the potential deployment of a vaccine still faces obstacles.
Elsewhere, the British pound hit a three-month high as traders clung to hopes of a Brexit trade deal before the end of the year, while risk-linked currencies such as the Canadian and Australian dollar were rising against the greenback.
The US bond market was stable, as the US Congress began a two-week sprint to secure government funding and avoid a possible shutdown amid the coronavirus pandemic.
US 10-year yields edged up to 0.8438%.
Germany’s benchmark 10-year bond yield hovered near three-week lows, while southern European debt yields held record highs ahead of central bank meeting European next week.
The German Bund yield was slightly lower early in trading at -0.574%, close to Monday’s three-week low of -0.60%.
Reflecting the bullish mood, copper prices rose, with Shanghai prices hitting an eight-year high, helped by robust Chinese data.
Oil prices were, however, slightly lower after major producers delayed discussions over production policy to 2021, as the coronavirus pandemic continued to undermine demand for fuel.
OPEC + has delayed talks on production policy for next year until Thursday, three sources told Reuters, with key players still at odds on how much oil to pump amid weak demand /
Brent futures fell 0.2% to $ 47.8 a barrel, while US crude also fell to $ 45.31.
Reporting by Danilo Masoni in Milan and Paulina Duran in Sydney; Edited by Mike Collett-White
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