Global stocks hit highest in a year but banks take shine off Europe...

Reuters
August 1, 2016

Global stocks hit their highest in almost a year on Monday as investors pared back expectations of when U.S. interest rates would rise, although a fall in bank shares after stress tests took the shine off European shares.

Wall Street, however, looked set to open higher, according to index futures, potentially giving another nudge up to MSCI’s world stocks index .MIWD00000PUS, which touched its highest level since mid-August 2015 before pulling back slightly.

The dollar rose against the yen but held close to lows hit after weaker-than-expected U.S. growth numbers on Friday, putting the spotlight on monthly jobs data due later this week.

European shares initially rose but gave up its gains as banks turned broadly negative after Friday’s release of stress tests on 51 European Union lenders.

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