Global shares hit record high on COVID recovery bet

Global shares hit record highs on Tuesday and were on track for their longest winning streak in 17 years as investors bet the rollout of COVID-19 vaccines would lead to a durable economic recovery and draw a line under a year of lockdowns.

The MSCI’s global stock index was up 0.16% at 686.19 points after hitting a record high of 686.38 points earlier in the session. A positive close would mark the 12th consecutive day of gains for the first time since January 2004.

The pan-European STOXX 600 was up 0.19%, after hitting its highest since late February 2020.

“The big picture is that there is an awful lot of enthusiasm for recovery when it comes to the vaccine programme,” said Michael Hewson, chief market analyst CMC Markets.

The ZEW investor sentiment index in Germany, Europe’s biggest economy, rose by far more than expected in February on expectations that people will flock back to shops and other retail outlets in the coming six months.

Prospects for recovery lit up commodities, with copper at $8,384.50, after hitting its highest since May 2012, and platinum scaling a 6-1/2 year peak.

via Reuters