New year, new cheer: Europe’s main markets gain, following Asia higher in their first trading session of the new decade. U.S. futures suggest similar gains on Wall Street
LONDON - World stock markets began the new year with a shot of Chinese stimulus, ensuring there was no immediate hangover after the wild gains of 2019.
MSCI’s broadest index of world shares added 0.2% to its 24% 2019 surge, which was the fourth best of all time. Higher U.S. futures suggested solid gains on Wall Street too, with S&P 500 e-minis up 0.5%. Bond yields tend to drive borrowing costs in the wider economy and their drop last year, as the Federal Reserve, European Central Bank and dozens of other central banks around the world cut interest rates, helped limit an economic slowdown.
That snapped a six-day losing streak and pushed the euro off five-month highs, though it was in thin trading and followed a 0.4% drop on New Year’s Eve, once it became clear there would be no year-end repeat of September’s U.S. money market turbulence. The stimulus — a cut in banks’ reserve requirements — had been expected before January’s Lunar New Year holidays and after Premier Li Keqiang’s pledge last month to provide more stimulus.
China’s blue-chip CSI300 index, one of the world’s best performers last year, rose 1.4%, reaching its highest since Feb. 7, 2018. Hong Kong’s Hang Seng added 1.25%.
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