New York, Global equity markets scaled fresh records in a year-end rally on Friday as upbeat Chinese economic data and optimism a U.S.-Sino trade deal is imminent bolstered global growth prospects, but the dollar weakened as risk appetite increased.
Wall Street opened to new all-time highs and European shares rose to a third day of record peaks this week as various equity markets remained on course for their best year since at least the global financial crisis a decade ago.
Profits at Chinese industrial firms grew at the fastest pace in eight months in November, rising 5.4% from a year earlier to 593.9 billion yuan ($84.93 billion). The gains snapped three months of decline, but broad weakness in domestic demand remains a risk for corporate earnings in 2020.
Sluggish demand and a profit-eroding trade dispute with the United States has pressured Chinese industry over the past year, though recent factory activity surveys have pointed to a nascent recovery in the sector after accelerated government stimulus measures to steady growth.
Germany's benchmark 10-year Bund yield held steady below recent six-month highs while U.S. Treasury yields fell as the government debt found support following a sell-off that sent yields to one-month highs.
Yields have risen amid increased risk appetite driven by optimism that a Phase 1 U.S.-Sino trade pact will spur global growth and as major central banks around the world inject liquidity into the market.
Source: Saudi Press Agency