Global equities rally on rebound in Chinese factories

Monitors display Nikkei figures outside Morgan Stanley & Co. headquarters in the Times Square neighborhood of New York, U.S. Picture: MICHAEL NAGLE / BLOOMBERG

MSCI’s all-country world index, which tracks shares in 47 countries, was up 0.4% on the day. It had just posted its best quarter since 2010. A private business survey, the Caixin/Markit PMI, released on Monday also showed the manufacturing sector in the world’s second biggest economy returning to growth.

Yields on short-dated government bonds in the US had temporarily fallen below those of longer-dated bonds — a phenomenon known as yield curve “inversion”, which has preceded every major recession. Stocks in Asia also took their cues from Wall Street, with the S&P 500 posting its best quarterly gain in a decade on Friday amid trade optimism.

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