Global stocks reach record highs

Stock prices across the world climbed to record highs yesterday on news euro zone business activity accelerated to its swiftest pace in six years, while the dollar gained on the view the Federal Reserve might raise interest rates in March.

The revived possibility of a United States rate hike next month, together with demand for risky assets, propelled bond yields higher but weakened the gold prices.

Oil futures yesterday rose more than one per cent after OPEC said it was sticking to its deal to reduce output.

The rally in equity markets around the globe, led by Wall Street, has been stoked by hopes of tax cuts, infrastructure spending and looser regulations from United States President Donald Trump and a Republican-controlled Congress.

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