Global shares hit record peak on upbeat results, dollar eases

A gauge of global equity markets hit an all-time peak on Wednesday, after the S&P 500 and Nasdaq indexes set fresh records on upbeat corporate results, while the dollar eased ahead of a highly anticipated speech by Federal Reserve Chairman Jerome Powell.

  • MSCI’s all-country world index surged past a pre-COVID high reached in February as investors drove up technology stocks after Salesforce.com Inc raised its annual revenue forecast on surging demand for its online business software.
  • Adding to the upbeat mood was early data from Moderna’s experimental COVID-19 vaccine which showed it induced immune responses in older adults that were similar to those for younger participants.
  • The S&P 500 and the Nasdaq have hit daily record closing highs since Friday, driven by demand for tech-focused stocks, government stimulus and record low interest rates.
  • The dollar index, which tracks the greenback’s value against a basket of currencies fell 0.056%.
  • Earlier the index hit a session high of 93.37 after data showed that U.S. durable goods orders increased more than expected in July.
  • The euro fell 0.08% to $1.1824.
  • The 10-year U.S. Treasury note rose 2.8 basis points to 0.7096%.
  • Euro zone bonds were flat, with safe-haven Bund yields rising a smidgeon after enduring on Tuesday their biggest daily losses since May as better German economic data and trade dented hunger for government debt.
  • Oil prices traded little changed, pressured by worries about the demand outlook during the coronavirus pandemic but buoyed as U.S. producers shut output in the Gulf of Mexico ahead of Hurricane Laura.
  • Brent crude futures fell $0.13 to $45.73 a barrel. U.S. crude futures gained $0.03, to $43.38 a barrel.

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