The dollar fell slightly on Monday and a gauge of global equity markets slid from record highs last week as investors wait to see whether an expected jump in U.S. earnings will justify stock prices already trading at very high premiums.

Solid demand for $96 billion in new three- and 10-year U.S. Treasury notes kept a move higher in yields in check as the market looked to key data releases this week, including a reading on U.S. consumer price inflation and retail sales.

The dollar slipped toward a three-week low as Treasury yields remained just above recent lows, while oil prices rose on optimism over a rebound in the U.S. economy as coronavirus vaccinations accelerated.

MSCI’s all-country world index (.MIWD00000PUS), a gauge of equity performance in 50 countries, fell 0.16% from Friday’s record peak. The global benchmark’s price-to-earnings ratio is at its highest level since early 2010.

The S&P 500’s P/E ratio on a forward 12-month…

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