Global stock markets edged higher on Tuesday, August 8, to a new all-time high, shrugging off weaker-than-expected China’s trade data that clouded an otherwise bright outlook for global growth.
Chinese imports and exports both fell well short of forecasts last month and growth in overall trade, while still a healthy 8.8 percent, was its slowest this year.
However, MSCI’s all-country world index ticked up to set a new record high at 480.76 points. It was last up less than 0.1 percent at 480.54 points, Reuters reports.
The index, which tracks shares in 46 countries, is on track for longest monthly winning streak since 2003.
Shares across the globe have been hitting record highs in record low volatility supported by a benign environment for global growth.
Ratings agency Fitch this week lifted its outlook for the world economy for this year and next.
European shares edged in and out of positive territory. The pan-European STOXX 600 index was last down 0.1 percent, led lower by miners.
Energy company shares rose as oil prices steadied from recent falls as sources told Reuters Saudi Arabia would cut crude supplies next month.
MSCI’s broadest index of Asia-Pacific shares outside Japan proved relatively resilient, inching up 0.2 percent and back toward decade highs.
South Korea dipped 0.2 percent, while Japan’s Nikkei eased 0.3 percent and China’s main markets edged up 0.1 percent. Hong Kong’s Hang Seng closed up 0.6 percent.
In currency markets, the dollar dipped for a second consecutive day after rising on Friday following stronger-than-expected U.S. jobs numbers, which some analysts said bolstered the case for the Federal Reserve to raise interest rates further.
