January 3, 2018 / 8:42 AM / 16 days ago

Daily Briefing: New Year equity surge rolls on

LONDON (Reuters) - The New Year surge in world equities rolls on, much like 2017, as the boom in the world economy looks set to resound into 2018.

After its biggest one-day gain in more than two weeks on Tuesday in the wake of its best year since 2009, MSCI’s index of global stocks has pushed on to record highs today, with strong gains across the Asian bourses after new Wall St records overnight.

The final readings on global manufacturing businesses for December show the global expansion gaining steam as the year came to a close, with forward-looking readings on new orders indicating a red-hot start to 2018 too.

JPMorgan estimates that the latest factory readings show annualised growth of global industrial output running in excess of 5 percent last month and at more than 4 percent for the fourth quarter as a whole.

With the euro zone acceleration surprising most last year and continuing to impress in December, the euro/dollar exchange rate roared into the new year to set a 4-month high of $1.2081 on Tuesday – although it’s slipped back to about $1.2034 since. The sparky growth picture has also pushed global benchmark bond yields higher across Europe and the rest of the world, with yield curves steepening somewhat too.

The weaker dollar has buoyed commodity prices, but Brent crude oil has slipped back again quickly from a brief spike higher to new two-year highs amid ongoing protests and unrest in Iran.

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Editing by John Stonestreet

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