AWARDS
Global stock markets continued their record surge, thanks to the recovery of technology stocks and the easing of geopolitical tensions. Oil, however, fell.
The MSCI All Country World Index, the broadest global equity indicator, rallied for the sixth consecutive day, reaching a new all-time high. MSCI's benchmark Asian index rose 1.1%, hitting its all-time high, led by South Korea's Kospi Index, which has gained 100% this year, becoming the world's best-performing equity indicator. Semiconductor stocks also rose, with SK Hynix increasing its 12-month gain by more than 1,000%, becoming the third Asian company to reach a market capitalization of $1 trillion.
Stock index futures pointed to slight gains for the S&P 500 and Nasdaq 100 after Wall Street benchmarks closed at record highs. In the United States, chipmakers led the gains, with Micron up 19% and a market capitalization of more than $1 trillion. European stocks were also expected to rise at the open.
Brent oil fell 1.6% to around $98 a barrel, fueled by optimism about a possible peace agreement between the United States and Iran. Government bonds maintained their gains, with the yield on the benchmark 10-year note falling 1 basis point to 4.47%. The dollar weakened against most G10 currencies, particularly the New Zealand dollar, after the Reserve Bank of New Zealand (RBNZ) signaled the likelihood of an interest rate hike.
In other market developments, the Japanese yen settled at 159 against the dollar, keeping traders on alert for the possibility of government intervention to support the currency.
