Global stocks moved higher on Monday after a survey showed German business morale rebounded in May.
With optimism rising for economic re-openings around the world, the MSCI’s gauge of world stocks gained 0.32%. The pan-European STOXX 600 index climbed 0.8% in trading Monday. U.S. markets were closed on Monday for Memorial Day.
With nervous investors wary of adding to their stock holdings over concerns of what a post pandemic lockdown world would look like, Germany’s survey for May gave some relief. The German business climate index rose to 79.5 from a downwardly-revised 74.2 in April, higher than a Reuters poll had forecast, and fueling optimism about the outlook of Europe’s biggest economy.
With financial markets closed in Singapore and Britain as well as the U.S. for public holidays on Monday, market moves were relatively small. U.S. stock futures gained 1%. MSCI’s index of Asia-Pacific shares outside Japan was 0.3% higher.
Bond markets were stable with Italy’s 10-year yield at 1.60%, just off six-week lows hit on Friday, and safe-haven German 10-year yields down one basis point at -0.50%. Meanwhile, U.S. crude oil rose 32 cents, or 1%, to $33.57 U.S. a barrel. Brent crude was up nine cents, or 0.26% higher, at 35.22 U.S. Spot gold was off 0.3% at $1,729.20 U.S. an ounce.
