{"id":127017,"date":"2021-05-31T13:25:45","date_gmt":"2021-05-31T13:25:45","guid":{"rendered":"https:\/\/precoinnews.com\/?p=127017"},"modified":"2021-05-31T13:25:45","modified_gmt":"2021-05-31T13:25:45","slug":"world-stocks-set-for-4th-month-of-gains-in-data-heavy-week","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/business\/world-stocks-set-for-4th-month-of-gains-in-data-heavy-week\/","title":{"rendered":"World stocks set for 4th month of gains in data-heavy week"},"content":{"rendered":"

LONDON (Reuters) – World equities were firmly on track to post a fourth straight month of gains on Monday, while the dollar struggled broadly ahead of a slew of European and U.S. data this week that will provide a clearer picture on the global economy\u2019s recovery path.<\/p>

FILE PHOTO: A man wearing a facial mask, following the coronavirus disease (COVID-19) outbreak, stands in front of an electric board showing Nikkei (top in C) and other countries stock index outside a brokerage at a business district in Tokyo, Japan, January 4, 2021. REUTERS\/Kim Kyung-Hoon\/File Photo<\/figcaption>

MSCI\u2019s broadest index of world stocks drifted 0.1% higher, putting the gauge on track for a 1.4% gain for May. It is the longest monthly rising streak for the index since August 2020, when it marked a five-month run of gains, according to Refinitiv data.<\/p>\n

But U.S. stock futures and European cash equities trading was quiet on Monday due to holidays in the United States and Britain, with benchmark indexes sticking to well-worn ranges.<\/p>\n

May has proven to be a decent month for asset markets, but policymakers are increasingly faced with the dilemma that inflation is running hot while the underlying structural economy is still struggling to gain traction.<\/p>\n

The main event of the week will be U.S. payrolls on Friday with median forecasts at 650,000, but the outcome is uncertain following April\u2019s unexpectedly weak 266,000 gain.<\/p>\n

Although U.S. inflation data last week was above estimates, another big miss on the jobs front would heap pressure on the Fed to postpone plans to wind down its stimulus.<\/p>\n

\u201cThe question is, therefore, whether by September the Federal Reserve will be in a position to announce a tapering of its bond purchases starting next year, and the odds are quite decent though it might be delayed to December,\u201d said Sebastien Galy, a strategist at Societe Generale.<\/p>\n

The Fed next meets on June 16, and this week will be the last chance for members to discuss policy before a pre-meeting blackout period starts on June 5.<\/p>\n

So far, investors have taken the Fed at its word that the labour market needs to improve a lot more before it speaks of tapering. That helped yields on U.S. 10-year notes ease to 1.58% with Fed funds futures pricing in a first rate hike by the first quarter of 2023.<\/p>\n

Asian shares edged higher, and in Europe indexes consolidated gains after last week\u2019s record close ahead of manufacturing PMI data on Tuesday.<\/p>\n

Among central banks debating inflation trends, the European Central Bank is perhaps the outlier with both policymakers and investors on the same page when it comes to expecting a return to below-target inflation, according to Ulrich Leuchtmann, head of FX and commodity research at Commerzbank.<\/p>\n

That was evident in the bond markets too, where yields on benchmark German debt remained well below recent highs.<\/p>\n

YUAN PRESSURE<\/h2>\n

A dovish Fed has also put the greenback under pressure against its rivals with the dollar recouping some of its losses after hitting a three-year low against the Chinese yuan.<\/p>\n

The yuan was the big mover in global currency markets after policymakers directed financial institutions to hold more foreign exchange in reserves, a move that analysts say was aimed at curbing yuan strength.<\/p>\n

In the offshore markets, the yuan currency weakened 0.23% versus the U.S. dollar with analysts at ING arguing that Beijing\u2019s latest move will slow the currency\u2019s rise but won\u2019t halt it completely.<\/p>\n

Concerns about global inflation and slowing growth have proved to be a boon for gold, with prices for the yellow metal rising 8% this month, vaulting comfortably above $1,900.<\/p>\n

Oil prices were firm after gaining more than 5% last week to reach two-year closing highs as expectations of a rebound in global demand outweighed concerns about more supply from Iran once sanctions are lifted. [O\/R]<\/p>\n

All eyes will be on OPEC this week as it reviews its supply agreement, and any hint of an increase in output could pressure prices.<\/p>\n

Brent added 38 cents to $69.10 a barrel, while U.S. crude rose 39 cents to $66.71.<\/p>\n

Unusually quiet cryptocurrencies showed some signs of volatility in holiday-stricken trading with bitcoin rising 4% to $37,000 while its smaller rival Ethereum climbed 8% to $2,578.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

LONDON (Reuters) – World equities were firmly<\/p>\n","protected":false},"author":3,"featured_media":127016,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23051],"tags":[],"yoast_head":"\nWorld stocks set for 4th month of gains in data-heavy week - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/business\/world-stocks-set-for-4th-month-of-gains-in-data-heavy-week\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"World stocks set for 4th month of gains in data-heavy week - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"LONDON (Reuters) – World equities were firmly\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/business\/world-stocks-set-for-4th-month-of-gains-in-data-heavy-week\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2021-05-31T13:25:45+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2021\/05\/World-stocks-set-for-4th-month-of-gains-in-data-heavy-week.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/business\/world-stocks-set-for-4th-month-of-gains-in-data-heavy-week\/\",\"url\":\"https:\/\/precoinnews.com\/business\/world-stocks-set-for-4th-month-of-gains-in-data-heavy-week\/\",\"name\":\"World stocks set for 4th month of gains in data-heavy week - 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