GLOBAL MARKETS-Shares up on U.S. consumer data but COVID-19 spike dampens sentiment

GLOBAL MARKETS-Shares up on U.S. consumer data but COVID-19 spike dampens sentiment

Reuters  | Jul 01, 2020 03:20

GLOBAL MARKETS-Shares up on U.S. consumer data but COVID-19 spike dampens sentiment

* Graphic: World FX rates in 2020
* Oil slips as Libyan oil production likely to ramp up

(Updates prices, changes comment)
By Rodrigo Campos
NEW YORK, June 30 (Reuters) - A global stocks index rose on
Tuesday as investors continued to look for signs of an economic
recovery while Treasury debt prices were little changed amid a
fog of rising COVID-19 cases.
The possible return of Libyan oil production, which has been
at a trickle since the start of the year, weighed on crude
World shares .MIWD00000PUS are down around 8% so far this
year, including the impact of a slump of 34% between Feb. 12 and
March 23, but the world equity index is up 18% this quarter - on
track for its biggest three-month gain since the second quarter
of 2009. U.S. consumer confidence rose more than expected in June,
following upbeat housing data on Monday. Some traders said quarter-end flows were also supportive of
stock prices. Following a steep drop in February and March, Wall
Street was setting up to close the quarter with the largest
gains since 1998.
"We are finishing up one of the best quarters in history, so
we wouldn't be surprised to see a little bit of window dressing
taking place on the last day," said Sal Bruno, chief investment
officer at IndexIQ in New York.
The Dow Jones Industrial Average .DJI rose 32.86 points,
or 0.13%, to 25,628.66, the S&P 500 .SPX gained 29.88 points,
or 0.98%, to 3,083.12, and the Nasdaq Composite .IXIC added
141.35 points, or 1.43%, to 10,015.50.
The pan-European STOXX 600 index .STOXX rose 0.13% and
MSCI's gauge of stocks across the globe .MIWD00000PUS gained
Emerging market stocks rose 0.25%. Overnight, MSCI's
broadest index of Asia-Pacific shares outside Japan
.MIAPJ0000PUS closed 0.74% higher, while Japan's Nikkei
futures NKc1 lost 0.22%.
Rising COVID-19 cases continue to show signs of a second
deadly wave of the pandemic, but markets still expect a global
economic recovery as lockdown measures ease.
Brent crude slipped as traders took profits from the
previous session and Libya's state oil company flagged progress
in talks to resume exports, potentially boosting supply. O/R
U.S. crude CLc1 recently fell 1.06% to $39.28 per barrel
and Brent LCOc1 was at $41.14, down 1.37% on the day.
The dollar index was in and out of negative territory as
upbeat U.S. and Chinese data left traders torn between optimism
about global growth and fears that a surge in new COVID-19 cases
could jeopardize the rebound.
The dollar index =USD fell 0.053%, with the euro EUR=
down 0.04% to $1.1235.
The Japanese yen weakened 0.31% versus the greenback at
107.89 per dollar, while sterling GBP= was last trading at
$1.2387, up 0.74% on the day.
Beijing unveiled the national security law it is imposing on
Hong Kong, setting the stage for the most radical changes to the
former British colony's way of life since it returned to Chinese
rule 23 years ago. "This doesn't improve Hong Kong's status as a financial
center, to say the least, coming back from the protests and the
virus over the last year," said Ilan Solot, FX strategist at
Brown Brothers Harriman in London. "If anything this is a
downward slope for Hong Kong's importance as a global financial

Emerging markets
World financial markets in 2020
Global markets and the tale of two quarters

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