US and European stocks hit record highs again

Markets were mostly higher on Friday.

The S&P 500 rose 0.2 percent to a record high. The STOXX Europe 600 also rose 0.2 percent to a record high.

Earlier, though, Asian markets were mostly lower, with the Nikkei 225 dipping 0.1 percent.

“If investors are concerned about rising Delta variant cases globally there’s little evidence that it is prompting any undue worry, although markets in Asia have been a little more cautious,” said Michael Hewson, chief market analyst at CMC Markets UK.

“The bull case remains intact despite factor/sector leadership remaining inconsistent,” said JPMorgan’s Andrew Tyler.

However, Geir Lode, head of global equities at the international business of Federated Hermes, said: “With equity markets almost doubling since the start of the pandemic and a bull market lasting over a decade, investors are questioning how far the bull market can rally.”

Meanwhile, on the COVID-19 front, cases continued to rise around the world.

Japan's daily total of COVID-19 cases surpassed 20,000 on Friday, logging a record figure for the third straight day.

Prime Minister Yoshihide Suga said that “the medical system in Tokyo is in a dire situation” while experts described the situation in the capital as “a disaster-level emergency situation that is out of control”.

In the US, COVID-19 hospitalisations are rising by more than 2,500 patients a day over the past week, with Florida and Louisiana now reporting record numbers of COVID-19 hospital admissions. Florida has the highest hospitalisation rate in the country.