GLOBAL STOCKS/Dollar, equities gain on upbeat manufacturing data

الاثنين 1441/12/13 هـ الموافق 2020/08/03 م واس
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New York, Aug 3, 2020, SPA -- The dollar rallied and equity markets rose today, on Monday as investors welcomed upbeat manufacturing data from around the world and as Microsoft's pursuit of TikTok's U.S. operations and other deals bolstered investor sentiment, Reuters reported.
Gold prices retreated from a record high after some profit-taking and the dollar's strengthening, though concerns about the coronavirus' toll on the economy limited bullion's losses.
Oil prices rose as manufacturing data from the United States, Europe and China offset over-supply fears fueled by the prospect of the Organization of the Petroleum Exporting Countries and its allies winding back output cuts.
MSCI's benchmark for global equity markets rose 0.89% to 556.8. Europe's broad FTSEurofirst 300 index closed up 2.1% at 1,413.87, lifted by a reading of IHS Markit's final Manufacturing Purchasing Managers' Index for the euro zone.
The index bounced to 51.8 in July, its first time above the 50 mark separating growth from contraction since January 2019.
Manufacturing activity in China expanded at the fastest pace in nearly a decade as domestic demand improved, China's Caixin/Markit PMI showed, suggesting the world's second-largest economy would help cushion the pandemic's blow to world growth.
In the United States, manufacturing activity accelerated to its highest level in nearly 1-1/2 years in July as orders increased despite a resurgence in new COVID-19 infections, the Institute for Supply Management said.
The Dow Jones Industrial Average rose 1%, the S&P 500 gained 0.91% and the Nasdaq Composite advanced 1.64%.
Of the S&P's 11 major sectors, technology was the clear leader with a gain of more than 2.6%.
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22:33 LOCAL TIME 19:33 GMT
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