Home / Business / Stocks near record highs on recovery hopes Curevac overwhelmed by Reuters.

Stocks near record highs on recovery hopes Curevac overwhelmed by Reuters.

© Reuters FILE PHOTO: A man works at the Tokyo Stock Exchange after opening a market in Tokyo, Japan, October 2, 2020.REUTERS / Kim Kyung-Hoon

By Huw Jones

LONDON (Reuters) – Shares rose near a record high on Thursday, fueled by an improved outlook from Europe’s top automaker Volkswagen (DE 🙂 and boosted confidence in the economy’s recovery. In Germany and more broadly

The 600 European firm’s STOXX index was up 0.2% at 442.50, below a record high of 443.61

.MSCI’s broadest global gauge of stocks, ACWI, was up 0.18% at 700.98 points, 10 points lower from its record high in Last month

“I have seen nothing in price action this week that will change my view that the short to medium term economic outlook is ultimately quite positive, although events in India may have a particular impact on the global recovery. Especially if the variables emigrate from India, ”said Michael Hewson, chief market analyst at CMC Markets.

“Companies are generating good profits, they’re recruiting. The big question is, will the current recovery be sustained in the short to medium term?” But it is, ”says Hewson.

In economic news, strong domestic demand for consumer goods pushed Germany’s industrial orders up 3% more than expected in March, data showed Thursday, indicating that the largest producer of the economy of Europe will support a recovery in the second quarter.

Among the standout results, shares in Volkswagen rose 1 percent after Europe’s largest automaker raised its 2021 target, pointing to strong demand for premium cars.

Next The British retailer raised its full-year profit guidance for the second time in two months as it reported better-than-expected first-quarter trading, sending its shares up 2 percent.

But Germany’s Curevac hopes to get approval for the COVID-19 vaccine, down 10 percent after news that US President Joe Biden backed it after a waiver of intellectual property rights for the COVID-19 vaccine.

Investors will be looking for further clues on the economic recovery from European Central Bank Vice President Luis de Guindos and Central Bank Board Member Isabel Schnabel, who spoke on Thursday.

The Bank of England released the latest rate-setting committee meeting and economic forecast at 1100 GMT.It is expected to say that the UK economy is recovering more strongly this year than previously anticipated and possibly start. Delay support in emergencies due to outbreaks.

Investors are also looking at the Scottish election, which could cause a showdown with British Prime Minister Boris Johnson over a new independent referendum.

Shining product

Commodity prices pulled strength from the economic recovery trend, with a 10-year high.

Oil prices rose to near their highs in March as stocks of U.S. crude, the world’s largest oil consumer, fell more rapidly than expected.

Futures were $ 65.91 a barrel, up 0.4 percent on the day and below Wednesday’s two-month high of $ 66.76.

In Asia, it increased 1.8% when it reopened after a five-day vacation.

The MSCI index of Asia-Pacific shares outside Japan rose 0.19 percent, but Chinese stocks, which have resumed trading for the first time since last week, were shaken.CSI300 was down 1.2 percent, led by the falling biotech firm.

The Dow hit an overnight high, gaining 0.29%, while gaining 0.07%.

U.S. bond yields are relatively stable, with the 10-year Treasury yielding little change at 1.578%.

The dollar hovered near a two-week high preceding the monthly U.S. employment report Friday, which is expected to show an increase of 978,000 nonfarm payrolls last month.

The euro was little changed at $ 1.2022, while the yen changed hands at 109.32 to the dollar.

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