GLOBAL MARKETS-Stocks advance as investors eye economic rebound, gold gains

  • 5/3/2021
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(Adds latest numbers) * MSCI’s all-country world index gains, off record peak * German yields hit highest since March 2020 * UK, Chinese, Japanese markets closed for holidays * Graphic: Global asset performance tmsnrt.rs/2yaDPgn * Graphic: World FX rates tmsnrt.rs/2egbfVh NEW YORK/LONDON, May 3 (Reuters) - Gold prices rose and a gauge of global equity markets was not far from a record on Monday as investors remain bullish about the economic recovery ahead of more corporate results and U.S. data that is expected to underline the strength of the rebound. The dollar eased against a basket of currencies as the yield on Treasury bonds retreated on data showing U.S. manufacturing activity grew at a slower pace in April. The yield on the 10-year Treasury note traded 2.3 basis points lower at 1.6082% after a shortage of inputs restrained factory output as massive fiscal stimulus and rising vaccinations against COVID-19 unleashed pent-up demand. The dollar index slipped 0.3%, making gold more affordable for holders of other currencies, while sliding Treasury yields reduced the opportunity cost of holding non-interest bearing gold. In Europe, stocks closed higher after the European Commission outlined plans to loosen COVID-19 restrictions on tourism. Strong factory and retails sales data and a robust earnings season added to investor optimism. The pan-European STOXX 600 index closed up 0.6% and MSCI’s benchmark for global equity markets rose 0.36% to 704.37, about 0.5% shy of a record closing high hit last week. On Wall Street, the Dow Jones Industrial Average rose 0.91% and the S&P 500 gained 0.53%. The Nasdaq Composite dropped 0.29%. A slide in high-flying tech and related stocks, including Amazon.com Inc

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