NEW YORK, Aug 8 — US and global stock markets gained ground today, recovering from losses sparked by a strong US jobs report last week that bolstered the case for sharp interest rate hikes, while the dollar weakened and government bond yields fell.
The MSCI world equity index, which tracks shares in 47 countries, added 0.75 per cent, also recovering from losses on Friday.“The rise in inflation and the Fed’s reaction to it has been a real headwind for valuations this year,” Morgan Stanley strategists wrote in a note today. “Our economists expect the headline rate to finally dip after energy prices have fallen of late,” Deutsche Bank analysts wrote.
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