The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Bloomberg
Global stocks headed for a fresh high as many markets reopened with investors focusing on stronger corporate earnings. The yen extended losses while Treasuries maintained declines.
The MSCI All-Country World Index was poised for a record close, while European shares advanced. US stock futures edged lower. European government bonds fell across the board. Treasury yields climbed after Steven Mnuchin said it “could absolutely make sense†for the US to sell ultra-long bonds.
With markets vulnerable to jolts, investors may yet be reluctant to commit to any direction.
A weaker-than-expected GDP report from the US ahead of Friday’s monthly American jobs report, with the French election result next week is giving them plenty to worry about.
A tentative deal by the US Congress to avert a government shutdown signaled President Donald Trump may have to settle for compromises on his tax-cut plan. The White House’s suggestion it could reintroduce rules that keep commercial and investment banking operations separate whipsawed shares.
“Risk assets are performing well and investors are clearly bullish,†Claudio Piron, strategist at Bank of America Merrill Lynch wrote in a client note. “Nevertheless, we advise caution and this month is especially notorious for its refrain to ‘Sell
in May’,†he added.
Investors will be watching comments from a policy meeting of the Federal Open Market Committee Wednesday. Voters in France go to the polls on Sunday for the second round of presidential elections. Besides Apple, other companies on the agenda for earnings this week include BNP Paribas SA, Facebook Inc., HSBC Holdings Plc, Time Warner Inc., Pfizer Inc., Merck & Co., BMW AG, Royal Dutch Shell Plc and Volkswagen AG.