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Stocks edge up to record, gilt yields surge on finance minister uncertainty
Global stocks gained on Wednesday following a surprisingly soft reading on the U.S. labour market, which fueled hopes of a potential pivot by the Federal Reserve.
The ADP National Employment Report showed private payrolls dropped by 33,000 jobs in June, well below the expected 95,000 increase, after a downwardly revised 29,000 increase in May. This weaker-than-anticipated data raised expectations that the Fed may slow the pace of interest rate hikes.
On Wall Street, the S&P 500 and Nasdaq Composite indices climbed, with Tesla shares bouncing back 4.7% after a 5.3% drop the previous day. The Dow Jones Industrial Average, however, dipped slightly. Globally, MSCI’s all-country world index hit an intraday record high, while the pan-European STOXX 600 index also closed higher, led by gains in renewable energy and luxury stocks.
In the UK, government bond yields surged, with the 10-year gilt yield jumping 16.8 basis points to 4.621%, amid growing speculation about the future of the country’s finance minister. The British pound tumbled 0.84% against the U.S. dollar.
The dollar index, which measures the greenback against a basket of currencies, rose 0.19%, snapping a nine-day losing streak, as the euro slipped 0.1% against the dollar.
Investors were also monitoring developments on the trade front, with President Trump announcing a new deal with Vietnam, which could help alleviate some trade-related uncertainty.
Oil prices also rose, with U.S. crude jumping 3.09% to $67.48 per barrel and Brent crude surging 2.98% to $69.10 per barrel, as Iran suspended cooperation with the U.N. nuclear watchdog.
Read the original article here: https://www.msn.com/en-us/money/markets/stocks-edge-up-to-record-gilt-yields-surge-on-finance-minister-uncertainty/ar-AA1HQK3y?ocid=BingNewsVerp

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