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GLOBAL MARKETS-Stocks surge to record highs on hopes virus is peaking, gold ebbs

Stock MarketsFeb 11, 2020 17:45
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© Reuters. GLOBAL MARKETS-Stocks surge to record highs on hopes virus is peaking, gold ebbs

(Adds U.S. market open, byline, dateline; previous LONDON)

* MSCI's all-world, Europe's STOXX 600, Germany's DAX at

record

* Dow, S&P 500, Nasdaq, Canada's TSX also at record highs

* Dollar at four-month high over euro on US economy

performance

By Herbert Lash

NEW YORK, Feb 11 (Reuters) - Key U.S. and European stock

indexes surged to fresh records on Tuesday after China's senior

medical adviser suggested the deadly coronavirus may be over in

April, a rosy outlook that helped crude prices to rebound on

renewed Chinese demand.

China's foremost medical adviser on the outbreak told

Reuters the number of new cases were falling in parts and

forecast the epidemic would peak this month, but the World

Health Organization still feared a "very grave" global threat.

Gold edged lower and the dollar retreated from a four-month

high against the euro as risk appetite improved, helping push

bond yields higher.

MSCI's all-world stock index .MIWD00000PUS gained 0.64% to

hit a record high, as did the pan-regional STOXX 600 index in

Europe, the blue-chip DAX .GDAXI in Germany and the S&P/TSX

Composite .GSPTSE in Canada.

The Dow industrials, S&P 500 and Nasdaq all set records.

Investors are not euphoric and the coronavirus has added a

dose of healthy skepticism in the marketplace, said Rahul Shah,

chief executive of Ideal Asset Management in New York.

"We are comfortable with stocks grinding higher, versus

shooting higher. So we think the slow gradual rise is bullish,"

Shah said. While valuations are slightly rich, "when you have a

bull market people are going to pay more for quality names."

Federal Reserve Chair Jerome Powell told Congress that the

U.S. economy is in a good place, even as he cited the potential

threat from the coronavirus in China and concerns about the

economy's long-term health. On Wall Street, the Dow Jones Industrial Average .DJI rose

37.72 points, or 0.13%, to 29,314.54. The S&P 500 .SPX gained

16.46 points, or 0.49%, to 3,368.55 and the Nasdaq Composite

.IXIC added 73.48 points, or 0.76%, to 9,701.87.

The pan-European STOXX 600 index .STOXX rose 0.96% and

emerging market stocks rose 1.21%.

Concerns about the economic impact of the coronavirus have

recently added a safety bid for the dollar, while economic data

has backed the view that the U.S. economic outlook is stronger

than the euro zone's.

The dollar has also gained as investors turn to carry

trades, where they borrow in low-yielding currencies such as the

euro and the Swiss franc and invest in dollars or other

high-yielding currencies.

The dollar index .DXY fell 0.06%, with the euro EUR= up

0.09% to $1.0919. The Japanese yen weakened 0.07% versus the

greenback at 109.87 per dollar.

Brent crude LCOc1 rose $1.04 to $54.31 a barrel, while

U.S. West Texas Intermediate CLc1 crude rose 66 cents to

$50.23 a barrel.

Spot gold XAU= was down 0.49% at $1,564.20 an ounce.

Asia stock markets https://tmsnrt.rs/2zpUAr4

Asia-Pacific valuations https://tmsnrt.rs/2Dr2BQA

World FX rates in 2020 http://tmsnrt.rs/2egbfVh

^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>

GLOBAL MARKETS-Stocks surge to record highs on hopes virus is peaking, gold ebbs
 

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