Global markets: Rallies stall as investors await fund

NEW YORK:

Global equity benchmarks treaded water on Friday and the government bond yields edged lower as investors waited on the European Union to iron out the details of an expected 750-billion-euro recovery fund that could provide another round of stimulus as the world economy reels from the coronavirus pandemic. European, US and world equity markets were heading for their third weekly gain in a row, though the pace of the rally has slowed. “We now see higher risk of a market correction, considering the improvement in hard economic data we have seen over the past couple of months is likely to halt,” said Tomo Kinoshita, global market strategist at Invesco in Tokyo. In morning trading on Wall Street, the Dow Jones Industrial Average rose 14.37 points, or 0.05%, to 26,749.08, the S&P 500 gained 6.41 points, or 0.20%, to 3,221.98.

Published in The Express Tribune, July 18^th, 2020.

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