* MSCI world share index at highest since late July
* S&P 500 within striking distance of record
* China to exempt some agricultural products from tariffs
-Xinhua
* Bond yields at multi-week highs as recession worries ebb
(Updates with open of U.S. markets, changes dateline; previous
LONDON)
By Chuck Mikolajczak
NEW YORK, Sept 13 (Reuters) - A gauge of global stocks rose
for an eighth straight day to a six-week high and benchmark
government bond yields advanced on Friday as signs of progress
in trade talks between the United and China, as well as a solid
report on U.S. retail sales, allayed recession worries.
Stocks on Wall Street climbed, buoyed by a string of
positive signals on the trade war between the world's two
largest economies. Financials .SPSY were among the best
performers, aided by the rise in bond yields.
The benchmark S&P 500 index stood about 0.5% from its record
closing high set on July 26.
U.S. President Donald Trump said on Thursday he was
potentially open to an interim trade deal with China, although
he stressed an "easy" agreement would not be possible. That was
followed up on Friday by China's official Xinhua News Agency
announcing the country would exempt some U.S. agricultural
products, such as pork and soybeans, from additional tariffs.
Solid reports on U.S. retail sales and consumer sentiment
added to the optimism and eased concerns about economic growth,
although the Federal Reserve was still widely expected to cut
rates at its policy meeting on Wednesday. The Bank of Japan is
to follow with its announcement on Thursday. "We have the continued warming of relationships over the
trade talks. And we have the consumer still strong with retail
sales, and those two just added fuel to the fire," said Ellis
Phifer, market strategist at Raymond James in Memphis,
Tennessee.
The Dow Jones Industrial Average .DJI rose 94.51 points,
or 0.35%, to 27,276.96, the S&P 500 .SPX gained 7.32 points,
or 0.24%, to 3,016.89 and the Nasdaq Composite .IXIC added
11.81 points, or 0.14%, to 8,206.28.
European shares were higher for a fourth straight session,
although gains were muted after a rise of nearly 6% over the
past four weeks. The pan-European STOXX 600 index .STOXX rose 0.37% and
MSCI's gauge of stocks across the globe .MIWD00000PUS gained
0.45%. MSCI's index was on pace for an eighth straight day of
gains, its longest winning streak in nearly two years.
The U.S. economic data and easing of trade tensions helped
lift bond yields to multi-week highs, with both 10-year notes
and 30-year bonds touching their highest in five weeks.
Benchmark 10-year notes US10YT=RR last fell 23/32 in price
to yield 1.8694%, from 1.791% late on Thursday.
The euro gained against the dollar for a second day,
although gains were pared after the U.S. data, as the European
Central Bank on Thursday exempted euro zone banks from a penalty
charge, which analysts say will reduce the currency impact of
new stimulus. The dollar index .DXY fell 0.16%, with the euro EUR= up
0.14% to $1.1076.
Oil prices were little changed, and both Brent and WTI were
on track for a weekly decline.
U.S. crude CLcv1 fell 0.44% to $54.85 per barrel and Brent
LCOcv1 was last at $60.19, down 0.31% on the day.
Global assets in 2019 http://tmsnrt.rs/2jvdmXl
Global currencies vs. dollar http://tmsnrt.rs/2egbfVh
MSCI All Country Wolrd Index Market Cap http://tmsnrt.rs/2EmTD6j
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