World stocks rallied on Thursday in the run up to the year-end as MSCI World equity index outlook is for its 14th straight month of gains, haven risen 22 percent for this year.
Asia-Pacific shares outside of Japan on the MSCI’s index is nearing highs last seen in the late 2007.
Recovery in world trade and economic growth which has led to a rise in company earnings and commodity prices has boosted the equity markets. Traders are expecting the equity rally to continue into 2018, boosted by the U.S. tax cuts that will promoted growth.
Copper futures have gained over 30 percent this year, rallying 25 percent since June and is at a four year high.
Oil is at a 2 and a half year high, gold has risen
London Capital Group analyst said that in the final days of 2017, commodities are driving trade.
According to data, U.S. confidence has fallen from 17 year highs which was reflected in the U.S. Treasury yields which fell seven basis points on Wednesday.
The dollar index fell to near one-month lows of 0.3 percent against a basket of currencies.
Helped by the weaker dollar exporting countries hit multi-week highs such as Australia, South Africa,
Canada, New Zealand
The Dow Jones Industrial Average gained 39 points or 0.15 percent
The S&P 500 gained 0.14 percent
The Nasdaq Composite gained 0.21 percent
The Index for emerging equities approached one month highs gaining 1 percent, up 34 percent for the year.
Bitcoin which has been one of the hottest commodities, fell 10 percent to $14,000. Although it is still up 39 percent for the month after reaching record highs of $20,000. For the year Bitcoin has gained 5,000 percent.
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