Saturday, July 13, 2024

Biden Win Announcement Lifts World Stocks To Record Peak; Dollar Fades

World stocks hit a record high on Monday and the dollar stayed weak as expectations of better global trade ties and more monetary stimulus under U.S. President-elect Joe Biden supported risk appetite.

Markets started to trade on the prospect of a Biden presidency and a Republican-controlled U.S. Senate last week, but the Democratic candidate’s projected victory on Saturday gave more fuel to the move.

The MSCI world equity index, which tracks shares in 49 countries, rose 0.5% to a record high in early European hours. On Friday, it posted its biggest one-week gain in nearly seven months.

E-mini futures for the S&P 500 jumped more than 1.4% on Monday. Nasdaq futures rallied more than 2% to just under a record high, signalling a positive start for U.S. markets.

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