Global stocks gain, led by tech
Gold, oil, and haven assets from the Swiss franc to German government debt headed for strong weekly gains on Friday after the Russia-Ukraine conflict escalated, while European gas price rises and poor economic data heaped pressure on the euro.
European gas contracts hit a one-year high, broadening concerns for the euro zone economy already pressured by U.S. President-elect Donald Trump’s proposed trade tariffs, Germany’s government collapse and France’s wide budget deficit. The index tracking the U.S. dollar against rival currencies climbed to a 13 month peak of 107.15 on Friday, boosted by haven buying as well as expectations that Trump’s America-first policies would boost growth and inflation.
Traders expect Trump’s tariffs to boost domestic consumer prices, with money markets pricing about a 58% chance of a Federal Reserve rate cut next month, down from 83% a week ago. . MSCI’s world stock index was set for a 1.1% weekly rise although Europe’s Stoxx 600 traded flat to head for its fifth straight weekly loss.
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