LONDON (Reuters) - World stocks climbed to record highs on Tuesday as an easing in tensions over North Korea and signs that Hurricane Irma was causing less damage than feared in the United States boosted risk appetite.
The MSCI All Country World Index .MIWD00000PUS edged up 0.2 percent, building on Monday’s 0.9 percent gain -- its fourth-biggest so far this year.
The pan-European STOXX 600 index jumped to a one-month peak as insurers .SXIP made further headway and basic resources .SXPP and financials .SX7P joined in the rally.
MSCI World’s insurer index .MIWO0ISGUS gained 0.3 percent, as insured property losses from Hurricane Irma’s are expected to be smaller than initially forecast.
“Whilst the damage is bad, it’s not quite as bad as many people expected,” said James Butterfill, head of research and investment strategy at ETF Securities. He said government spending in the aftermath of natural disasters often boosts riskier assets such as stocks over the long term.
U.S. President Donald Trump signed a bill on Friday that included $15.25 billion in hurricane-related aid.
No comments:
Post a Comment