Global markets gain on growth hopes; oil down on virus fears

Global markets gain on growth hopes; oil down on virus fears

Nasdaq Dubai on Thursday welcomes the listing of a $500 million perpetual Additional Tier 1 Sukuk issued by the Dubai Islamic Bank . WAM



Global stocks ground higher while oil ebbed on Thursday as investors diverged over whether to bet on economic recovery in the United States and other developed markets or worry about a surge in COVID-19 cases in India and elsewhere.

With vaccination rates rising and pandemic-weary citizens embracing more freedoms to drive growth in some major economies, MSCI's broadest global gauge of stocks was up 0.3%, trading within 1% of its all-time closing high after a recent mini sell-off.

“The summer earnings season will further test the trajectory of the recovery, but until then, vaccines rollout and economic reopening will be the main triggers for a further upside leg in this bull run,” Amundi Chief Investment Officer Pascal Blanque said in a note to