Gold set a new record after scaling US$2,000 for the first time on August 5, 2020. — Reuters pic
The final Composite Purchasing Managers' Index from IHS Markit climbed to 54.9 from June's 48.5, better than a 54.8 flash estimate, indicating significant improvement consistent with the continued easing of lockdowns, analysts said. The US dollar standard of the past 50 years is being openly questioned because of the US Federal Reserve's enormous increase in money supply, said Ryan Giannotto, director of research at alternative ETF provider GraniteShares.
A surprise quarterly profit from Walt Disney Co and a slate of upbeat results from healthcare companies lifted sentiment on Wall Street, while European shares rose on a slate of positive results. Disney shares jumped 8.8 per cent. MSCI's benchmark for global equity markets rose 0.8 per cent to 563.81, less than 3 per cent from its all-time high in February. Emerging markets stocks rose 1.2 per cent.
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