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Eye of Riyadh
Eye of Riyadh
Business & Money | Wednesday 5 August, 2020 3:36 am |
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GLOBAL MARKETS-Gold Soars Past $2,000, Gold up on Stimulus Hopes 2 New York

MSCI's benchmark for global equity markets rose 0.47% after earlier hitting a five-month high, less than 4% from its all-time peak in February. The index was lifted overnight when stocks rallied in Asia on relatively strong manufacturing data from around the world reported on Monday.
On Wall Street, the Dow Jones Industrial Average rose 0.31%, the S&P 500 gained 0.04% and the Nasdaq Composite dropped 0.13%.
Wall Street shrugged off new upbeat data after a report showed new orders for U.S.-made goods increased more than expected in June, suggesting the manufacturing sector was beginning to claw its way out of the pandemic's deep pit.
The Commerce Department said factory orders rose 6.2%, boosted by a surge in demand for motor vehicles. Despite the second straight monthly gain, orders remained well below their level in February before lockdowns sapped demand.
Shares in Europe slid. The broad pan-regional FTSEurofirst 300 index closed down 0.10% at 1,412.42 after a strong rally on manufacturing data on Monday.
Disappointing results from Diageo Plc, the world's largest spirits maker, and German drugs and pesticides group Bayer, took the shine off growth-linked cyclical stocks.
BP cut its dividend for the first time in a decade after a record $6.7 billion second-quarter loss, when the pandemic hammered fuel demand. Its shares rose 6.5% after BP unveiled a plan to reduce its oil and gas output by 40% and boost investments in renewable energy.
Oil prices edged higher, with Brent on track for a five-month high, on hopes for more stimulus and signs America may be making progress on controlling the coronavirus spread.
Brent crude futures rose 28 cents to settle at $44.43 a barrel. U.S. crude futures gain 69 cents to settle at $41.70 a barrel. U.S. gold futures hit a record of $2,023.09 an ounce and settled 1.7% higher at $2,021.

 

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