* MSCI World Index flat, less than 2% from record high

* Gold reaches three-month high amid inflation hedging

* Oil, dollar flat, U.S. 10-year yield dips

* All eyes on Federal Reserve later in the week

* FX and vaccination rates: https://tmsnrt.rs/3eMsjPY

By Simon Jessop

LONDON/SYDNEY, May 17 (Reuters) – Global shares hit the pause button and gold briefly crested a three-month high as surging COVID-19 cases in some Asian countries and inflation pressures tempered demand for riskier assets.

Markets have been skittish in recent weeks as bumper supplies of central bank stimulus and rising prices in the United States and other countries fuel concerns some economies could overheat, requiring policymakers to tap on the brakes.

The MSCI World Index, a broad gauge of equity markets globally, was flat in European trade, albeit less than 2% from a recent record high. That followed its best day since February on Friday after an early week…

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