Global markets are up despite rising Covid-19 cases in US

London — Markets showed signs of optimism on Friday, with European shares opening higher and oil prices rising despite a record number of new Covid-19 infections in the US.

The MSCI world equity index, which tracks shares in 49 countries, was up 0.3%, extending gains from late on Thursday. The possibility of surging coronavirus cases and renewed lockdowns has limited market impact because if lockdown measures resume then markets expect this to raise the likelihood of more fiscal support for economies.

The riskier New Zealand dollar was up 0.2%, having spent most of June at the same level as before the coronavirus crisis for markets peaked in March. To become law it must also pass the House and be signed by US President Donald Trump. Support for pro-democracy demonstrations in Hong Kong has slipped, though retains the backing of a slim majority, a survey conducted for Reuters showed.

Source: Financial Digest (financialdigest.net)

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