World shares near record high on strong US economic data and earnings

SourceThe National
SectorFinancial Markets

World stocks held near a record high as strong US economic data, robust corporate earnings and the Federal Reserve’s commitment to continue supporting the economy fuelled investors’ appetite for risk.

Asian stocks had less luck, with MSCI’s ex-Japan index losing 0.6 per cent, following a softer-than-expected survey on China’s manufacturing.

“China’s economic recovery in January-March was strong but there are some doubts over whether you can take it at face value,” said Wang Shenshen, senior strategist at Mizuho Securities.

Chinese tech giant shares listed in Hong Kong also buckled as Beijing summoned 13 internet platforms to order them to strengthen compliance with regulations, weighing more...