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Business News/ Market / Stock-market-news/  Global markets rally while treasuries erase losses; dollar rises
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Global markets rally while treasuries erase losses; dollar rises

The S&P 500 Index added 0.4% and emerging market shares reached a 17-month high

The MSCI All-Country World Index rose 0.4% in New York. Photo: AFPPremium
The MSCI All-Country World Index rose 0.4% in New York. Photo: AFP

London/New York: Global stocks rallied after tensions eased in Ukraine over the downed Malaysia Airlines passenger jet, while gold and treasuries pared losses. The dollar rose to an eight-month high against the euro after data showed rising US consumer prices.

The MSCI All-Country World Index rose 0.4% as of 9:30 am in New York. The Standard & Poor’s 500 Index added 0.4% and emerging market shares reached a 17-month high. Gold and 10-year treasury yields were little changed. The dollar appreciated 0.3% to $1.3480 per euro. Indonesia’s rupiah slid as a presidential candidate rejected election results.

A train carrying 282 bodies and remains of other victims of Malaysia Airlines flight MH17 arrived in Kharkiv on Tuesday, ending days of demands that pro-Russian rebels release the bodies. The US consumer price index increased 0.3% in June, matching the median forecast from economists surveyed by Bloomberg. Some 36 companies listed on the S&P 500 report earnings on Tuesday, including Microsoft Inc. and Apple Inc.

“It’s a day-by-day encounter for markets, with every speech and communication from politicians giving us the direction for the day," Lorne Baring, who helps oversee about $500 million as managing director at B Capital SA in Geneva, said by telephone, referring to Russia. “The earnings season has been quite positive."

Chipotle Earnings

Chipotle Mexican Grill Inc. jumped 11% after reporting earnings and sales that beat analyst projections. Comcast Corp. added 2.2% after profit topped estimates on higher revenue from Internet customers. McDonald’s Corp. fell 2.2% after profit fell short of analysts’ estimates.

Profits at S&P 500 members probably rose 6.2% in the second quarter, according to analyst estimates compiled by Bloomberg. About 77% of S&P 500 companies that have posted results this season have beaten analysts’ estimates for profit, while 71% exceeded sales projections.

Sales of US existing home sales probably rose to a 4.99 million annual pace in June from 4.89 million in May, according to economist forecasts in a Bloomberg News survey.

In Europe, the Stoxx 600 rallied 1.2% after a three-day decline. Actelion Ltd. climbed 2.7% after the Swiss drugmaker raised its full-year profit forecast. ARM Holdings Plc rose 4.9% after the chip designer forecast an acceleration of royalty revenue growth in the second half. Bloomberg

Shelley Smith, Stephen Kirkland, Paul Dobson, Cecile Vannucci, Namitha Jagadeesh and Michael Shanahan in London and Nick Gentle in Hong Kong also contributed to this story.

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Published: 22 Jul 2014, 07:45 PM IST
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