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Shares rebound

Wednesday, February 14, 2018

NEW YORK - World shares rallied on Monday in a broad advance that brushed aside fresh rises in global bond yields driven up by the fear of faster inflation as investors shifted asset allocations and tried to put last week's worst rout in two years past them.

Concerns about rising consumer prices and a bigger US budget deficit sparked a selloff in fixed income markets.

The yield on US five-year Treasury Inflation Protected Securities, bonds known as TIPS that are designed to protect against inflation, rose to its highest level since 2009.

A return of risk appetite hurt the US currency and helped higher-yielding emerging market currencies as well as commodity-linked currencies such as the Australian and Canadian dollars.

The dollar fell against the euro after its best week against the single currency in nearly 15 months.

"Investors probably were mulling things over the weekend and concluded that the economy is fairly strong, earnings are holding up, so there's no particular reason to panic or sell.

"So some money probably came back into the market," said John Carey, portfolio manager at Amundi Pioneer Asset Management in Boston.

Volatility picked up, with the major indexes on Wall Street climbing more than 1 per cent shortly after the open, pared about half that advance and then gained further.

MSCI's all-country world index of stock performance in 47 countries closed up 1.18 per cent, led by Apple Inc and

Apple rose 4.03 per cent and Amazon 3.48 per cent.

The pan-European FTSEurofirst 300 index of leading regional shares closed up 1.22 per cent while MSCI's gauge of emerging market stocks rose 0.92 per cent.

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Code Inward TTs Outward TTs
CAD 0.63650.6175
JPY 54.034951.0349
GBP 0.35780.3498
EUR 0.40640.3944
NZD 0.68820.6552
AUD 0.64140.6164
USD 0.50240.4854



Exchange Rate updated on 23rd, February, 2018

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