Global stocks rise to record week amid Gulf tension

Published: June 22, 2019 10:49:34 | Updated: June 25, 2019 12:08:26

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Global stocks rose to near seven-week highs on Friday following a run spurred by optimism over monetary polic amid the Gulf tension.

Oil prices built on recent gains on fears any US military attack on Iran would disrupt flows from the Middle East.

Gold prices climbed to near six-year highs and were on track for their best week in three years, reports Reuters.

MSCI’s gauge of stocks across the globe shed 0.09 per cent, after a day earlier reaching its highest level since May 1.

US-China trade tensions were also in focus ahead of an expected meeting between the countries’ two leaders next week.

The main US indexes were little changed in afternoon trade. The Dow Jones Industrial Average rose 43.72 points, or 0.16 per cent, to 26,796.89, the S&P 500 lost 0.77 points, or 0.03 per cent, to 2,953.41.

The Nasdaq Composite dropped 7.80 points, or 0.1 per cent, to 8,043.54.

The pan-European STOXX 600 index lost 0.36 per cent.

Spot gold added 0.6 per cent to $1,395.94 an ounce, surpassing the key $1,400 level during the session.

US crude rose 0.68 per cent to $57.46 per barrel and Brent was last at $65.15, up 1.09 per cent on the day.

Government bond yields in the United States and Europe rose but remained near record or multi-year lows after the dovish statements from the central banks.

Benchmark 10-year US Treasury notes last fell 19/32 in price to yield 2.0661 per cent, from 2.001 per cent late on Thursday.

The dollar index, which measures the greenback against a basket of currencies, fell 0.25 per cent, with the euro up 0.46 per cent to $1.1343.

The yen rose to a five-month high versus the dollar during the session the tensions between Iran and the United States.

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