World stocks hit a
record high on Wednesday after strong earnings and the prospect of tax
cuts for corporate America pushed U.S. shares to stratospheric levels
and the euro held on to recent gains as political concerns in France
ebbed.
European
shares pulled back slightly from 20-month highs as some disappointing
corporate results weighed on the market but Asian stocks powered ahead.
Against a strengthening dollar, the euro held on to the bulk of the gains made earlier this week; it fell 0.13 percent to $1.0911, but is still up 1.72 percent from Friday's close.
The gains earlier this week came after centrist Emmanuel Macron and far-right leader Marine Le Pen this weekend made it through to the second round of French presidential elections, considerably reducing the risk of a French exit from the single currency.
Against a backdrop of receding concern over the French presidential elections, U.S. President Donald Trump struck a conciliatory note and flagged tax cuts, boosting investor optimism and demand for risky assets.
This, along with a strong set of earnings for U.S. companies for the first quarter pushed the MSCI world equity index, which tracks shares in 46 countries, up 0.1 percent to a fresh record high. It is up nearly 2 percent this week and 8.35 percent since the start of the year.
Against a strengthening dollar, the euro held on to the bulk of the gains made earlier this week; it fell 0.13 percent to $1.0911, but is still up 1.72 percent from Friday's close.
The gains earlier this week came after centrist Emmanuel Macron and far-right leader Marine Le Pen this weekend made it through to the second round of French presidential elections, considerably reducing the risk of a French exit from the single currency.
Against a backdrop of receding concern over the French presidential elections, U.S. President Donald Trump struck a conciliatory note and flagged tax cuts, boosting investor optimism and demand for risky assets.
This, along with a strong set of earnings for U.S. companies for the first quarter pushed the MSCI world equity index, which tracks shares in 46 countries, up 0.1 percent to a fresh record high. It is up nearly 2 percent this week and 8.35 percent since the start of the year.
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