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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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The Commonwealth Chamber of Commerce: Milestones and Moments Video
It has been little over a year and a half since the Commonwealth Chamber of Commerce came into existence.
The Chamber was set up because right now we are at an immensely important juncture in modern history; now more than ever is the moment for Commonwealth business to realise the benefits of being part of the global network of the Commonwealth family.
Webinar on the Isle of Man: The Exemplary Jurisdiction for Asset Management Recording
Our notable speakers provide a compendium of information on the structure of the territory’s legal system, its financial services and the multifaceted process for relocation. They also discuss the factors and governance frameworks that have led to the success of the leading financial jurisdiction as well as the many incentives that make the Isle of Man such a prime destination for relocation, particularly for internationally mobile families.
South/East Asia StartUp Summit 2022
The international conference focussed on tech-enabled entrepreneurship in Southeast Asia and provided a virtual platform to engage youth with different activities and discussing exciting opportunities being created as the region’s ecosystem continues to thrive and grow!