Global Stocks Inch to Record High; Dollar Weakens

Global stocks rose for the seventh straight day to reach a record high on Tuesday, while bitcoin also reached a peak after an endorsement from Tesla Inc in the prior session had sent the cryptocurrency up 20.

Robust corporate earnings, monetary and fiscal support from policymakers and prospects that pandemic vaccines could hasten a return to normal in the United States and other countries have all bolstered risk sentiment in recent days.

A record high close for Wall Street overnight gave Asian stocks the confidence to push on further, with MSCIs broadest index of AsiaPacific shares outside Japan up 0.3, led by Chinese blue chips, up 2.2.

That helped The MSCI AllCountry World Index edge up 0.1 to its own record high, although early moves in Europes top indexes suggested further gains may be tougher to find, with Britains FTSE 100 flat on the day.

Futures for the SP 500 were equally undecided, suggesting a quiet start to the U.S. trading day.

Reflation on the back of U.S. fiscal stimulus and positive vaccine news remains the major theme for markets, strategists at National Australia Bank wrote.

In keeping with the riskon sentiment, oil also hit 13month highs, helped by rising optimism about a return in fuel demand, with Brent crude up 0.8.

There is a sense that the glut of oil supply is disappearing more rapidly than anybody thought possible, said Phil Flynn, senior analyst at Price Futures Group in Chicago. There seems to be a paradigm shift in the market….

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