Global shares smash through records
MARKET bulls resumed their charge yesterday, as strong data from the world's biggest economies sent stock index records tumbling and oil prices to their highest since mid-2015.
In an apparent acceleration of last year's global equity boom, MSCI's world index and London's FTSE both set records in Europe, and the Dow Jones was expected to break the 25,000 barrier when Wall Street reopens.
Tokyo's Nikkei - Asia's biggest market - shot to its highest since 1991 with a 3.3pc surge. Asia-Pacific excluding Japan scaled a decade-high peak as a fifth day of gains in China helped emerging market stocks to a 6 1/2-year high as well .
"It is a continuation of the goldilocks story," said Michael Metcalfe of State Street Global Markets.
"The main theme last year was strong growth and accommodative (monetary) policy, and the data we have had so far suggest that the growth is expected to accelerate, and without inflation."
A rally in European stocks picked up pace as services growth data for the euro zone confirmed a strengthening economy was bolstering corporate activity.
The euro zone's STOXX 50 had its best day since April 2017, up 1.7pc. The pan-European STOXX 600 0.9pc higher and the Iseq rose 0.73pc to 7,126.57.
Services PMI data showed the euro area was near its best growth in seven years, while services growth in Italy and Spain beat the previous flash estimates.
Banks Santander, BNP Paribas and ING were among the top gainers amid enthusiasm about the euro zone recovery.
Analysts are now wondering whether the strength of the euro zone economy could even encourage the European Central Bank to start raising its still-negative interest rates.