LONDON, June 1 — World equities were firmly on track to post a fourth straight month of gains yesterday, while the dollar struggled broadly ahead of European and US data this week that will provide a clearer picture on the global economy’s recovery path.
May has proven to be a decent month for asset markets, but policymakers are increasingly faced with the dilemma that inflation is running hot while the underlying structural economy is still struggling to gain traction. “The question is, therefore, whether by September the Federal Reserve will be in a position to announce a tapering of its bond purchases starting next year, and the odds are quite decent though it might be delayed to December,” said Sebastien Galy, a strategist at Societe Generale.
Asian shares edged higher, and in Europe indexes consolidated gains after last week’s record close ahead of manufacturing PMI data today. The yuan was the big mover in global currency markets after policymakers directed financial institutions to hold more foreign exchange in reserve, a move that analysts say was aimed at curbing yuan strength.
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