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Global Stocks Cling onto Gains, Dollar Seems Under Pressure

Global stocks stuck to recent gains on Monday following good advances in Asia on optimism for a U.S.-China trade agreement, a more optimistic development outlook, and a softer greenback. At the same time, the euro climbed to a 4-1/2 month excessive.

Yet European markets failed to follow the lead and took a breather following last week’s record highs.

The pan-regional Euro Stoxx 600 STOXX was down 0.3%, whereas Germany’s index slid 0.5%. Banks, which had been slowing the 2019 rally, had been the one market to mark small gains in thin year-end trading.

Many Asian bourses had marked healthy gains with Chinese blue chips soaring 1.5% larger, supported by a report that 2019 retail sales are estimated to rise 8% and expectations that a brand new benchmark for floating-price loans may decrease borrowing prices and increase flagging financial progress.

But Japan’s Nikkei completed its final trading day of the year down 0.76%.

Easing trade conflict worries have offered a raise to world equities this month, putting MSCI’s international equity index on track for a 3.8% increase in December – its fourth straight month of gains.

U.S. futures additionally pointed to a better open after the S&P 500 and the Dow Jones Industrial Average closed at records on Friday.

In Forex, the greenback index – measuring the currency in opposition to a basket of competitors – weakened 0.1% to 96.793 in its third consecutive session in the red.