Shares inch higher as stimulus hopes spur rebound

LONDON - European shares followed their Asian counterparts higher on Tuesday as investors bet possible monetary and fiscal stimulus measures would help stave off a major global economic downturn.

The MSCI world equity index, which tracks shares in 47 countries, rose 0.1% and followed a decent rebound on Monday. The immediate focus now shifts to the minutes of the U.S. Federal Reserve’s last meeting due on Wednesday. Traders are also keenly waiting on the Fed’s Jackson Hole seminar and a Group of Seven summit this weekend for clues on what additional steps policymakers will take to bolster growth.

Financial markets went into a tailspin last week after the Treasury yield curve briefly inverted when short-term yields traded above those of long-term paper - the inversion has presaged previous recessions and is widely watched by markets as a harbinger of a downturn. Investors will be watching the political situation in Italy, where Prime Minister Giuseppe Conte is set to address parliament on Tuesday afternoon to defend his record amid the growing chance of a snap general election.

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