Strong corporate profits have eased concerns over the Covid-19 pandemic
The London Stock Exchange building. Picture: REUTERS/TOBY MELVILLEGlobal shares rode earnings to a record high on Wednesday, while the dollar and treasury yields languished in the wait for US employment data to provide clues to the pace of monetary tightening in the world's biggest economy.
“Macro data is coming at high expansionary levels but currently all the market is seeing is peak data. It wants to know what's going to be the glide path over the next 12 months. Those concerns are playing out in the bond market,” said Grace Peters, EMEA head of investment strategy at JP Morgan Private Bank.
Across Europe, the Stoxx Europe 600 and FTSE 100 were both up around 0.5%, with the latter supported by strong results from housebuilder Taylor Wimpey and insurer Legal and General.Close to 90% of companies listed on the S&P500 have reported positive earnings surprises for the second quarter, National Australia Bank economist Tapas Strickland said.
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