Global stocks hit a record high on Friday and Asian markets rose to their best levels in more than two years as upbeat data on U.S. manufacturing and employment and buoyant European factory growth boosted investor optimism. Scarlett Cvitanovich reports.
World stocks hitting record highs on Friday. Already gaining 11 percent so far this year. Investors optimistically reacting to upbeat data on U.S. manufacturing and employment, and buoyant European factory growth. (SOUNDBITE) (English) CMC Markets, Market Analyst, Michael Hewson "The U.S. economy is doing fairly well and we're likely to see at least more than one U.S. rate rise this year as a result of the economic data that we saw yesterday." Asian markets rose to the challenge, reaching their best levels in more than two years. With stocks in Europe also joining the party. Britain's FTSE hitting a new high. The gains filtering through to global stocks.... Lifting the MSCI All-Country World Index to its own record. Oil prices have tumbled after U.S. President Donald Trump's decision to withdraw from the Paris climate accord. With concerns sparked the move will see more crude drilling in the United States, stoking a persistent glut in global supply. (SOUNDBITE) (English) CMC Markets, Market Analyst, Michael Hewson "Oil prices continue to struggle to go higher. We're also seeing significant declines in base metal prices over the past couple of days. Iron ore price is nickel prices and I think that's weighing on the basic resource sector." Europe's energy stock index, which includes oil and gas as well as renewable companies, the only sector in the red.