But US stocks aren’t the only ones getting love. MSCI’s broad gauge of global stocks, which covers 23 developed and 27 emerging markets, just hit an all-time high, too, while Europe’s Stoxx 600 index is on track for its seventh consecutive week of gains.

For now, traders have set aside their concerns about inflation, which could encourage policymakers to start hiking interest rates or tapering bond purchases sooner than expected.

“A sense of calm has been restored to global bond markets which has facilitated a renewed rally in risky assets,” Simon MacAdam, senior global economist at Capital Economics, told clients Friday.

But there’s a notable exception. Stocks in China have come under pressure since February as Beijing has cracked down on tech companies. Investors are also worried that China, which is recovering from the pandemic faster than other major economies, could pull back stimulus over the course of the year in a bid to…

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