Global stock markets rallied. As investors bet the Chinese economy would boost global growth despite surging coronavirus cases, China’s yuan posted its biggest gain since December on Monday. The Nasdaq set fresh all-time and closing highs, led by Amazon.com Inc as its shares crossed $3,000 for the first time. Tesla Inc jumped 13.5 percent, up 228 percent so far this year.
The yuan led commodity currencies higher against the dollar as investors lapped up risky assets on growing expectations of a strong economic rebound in China, where an index of blue-chip Chinese shares soared to a five-year high. The euro advanced 0.55 percent to $1.1310 and European shares jumped. The broad FTSEurofirst 300 index added 1.53 percent as stocks exposed to China rose strongly.
China’s offshore yuan was on track for its best day against the dollar since December 12, up 0.76 at 7.0150. Chinese blue chips jumped 5.7 percent on top of a 7 percent gain last week to their highest since June 2015. Even Japan’s Nikkei rose 1.8 percent.
MSCI’s All-Country World Index rose 1.8 percent. Emerging markets jumped 2.59 percent, their biggest single-day gain in three months. On Wall Street, the Dow Jones Industrial Average rose 459.67 points to 26,287.03. The S&P 500 gained 49.71 points at 3,179.72, and the Nasdaq Composite added 226.02 points at 10,433.65.
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Published on July 7, 2020 6:01 PM (GMT+8)Last Updated on July 7, 2020 6:01 PM (GMT+8)
