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World Stocks Hit Longest Record Streak In 17 Years As Yields Surge

China may still be closed, and the US is returning from President’s Day holiday, but global stock markets haven’t missed a beat and on Tuesday the MSCI World index hit a fresh all time high, rising for a 12th straight session – its longest streak of gains in 17 years as optimism over covid vaccines, stimulus and the economic recovery in general swept across markets.

US emini futures also hit record highs on Tuesday as investors piled up into reflationary and economically sensitive stocks such as energy and banks on hopes of more fiscal aid to lift the world’s biggest economy from a coronavirus-driven slump. Dow e-minis were up 200 points, or 0.63%, S&P 500 e-minis were up 21.50 points, or 0.55%, and Nasdaq 100 e-minis were up 67.75 points, or 0.49%.

Morgan Stanley, Goldman Sachs, JPMorgan Chase & Co, Citigroup Inc and Bank of America Corp rose between 1.2% and 1.5% in premarket trading as 10-year U.S. Treasuries touched their highest since late March.

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