Global shares crept higher on Wednesday as prospects of fresh China-U.S. trade t...
LONDON - Global shares crept higher on Wednesday as prospects of fresh China-U.S. trade talks drew a guarded welcome from investors, while dour data on euro zone economic activity hit the euro ahead of a European Central Bank policy meeting.
MSCI’S All-Country World index of stocks extended its previous day’s gains by a whisker, rising 0.02%. Chinese blue chips climbed 0.8% while MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.1%. The prospect of widespread central bank largesse helped take the sting out of a downgrade to the IMF’s global growth forecasts.
The euro hit two-month lows at $1.1127, falling further after the weak PMIs. It also hit a near seven-month trough against the yen at 120.19 though it recovered from a two-year low versus the Swiss franc. Boris Johnson will become Britain’s new prime minister on Wednesday, with investors unclear as to whether he will lead the country to a no-deal EU exit or find a compromise.
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