Tuesday, 5 November 2019

US stocks hit another record high

Markets rose on Monday.

The S&P 500 rose 0.4 percent to another record high, the STOXX Europe 600 rose 1.0 percent to its highest level since 15 April 2015, and the Shanghai Composite rose 0.6 percent.

The US 10-year Treasury yield rose 5 basis points to 1.782 percent while West Texas Intermediate crude jumped 3.7 percent.

Keith Buchanan, senior portfolio manager at Globalt Investments, said: “The angst over trade is subsiding and, from an earnings standpoint, corporations are beating a lowered hurdle, while guidance for next year has been better than feared.”

In Europe, analysts at Goldman Sachs attributed the better market performance partly to “monetary support” but Nikol Hearn, macro strategist at TS Lombard, said that “we can’t ignore that the earnings factor is still deeply in contractionary territory, particularly for Germany”.

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