Stocks And Oil Soar, Treasuries And Dollar Tank

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Bloomberg: Stocks rose around the world and U.S. futures gained, led by commodity producers as oil climbed to a seven-month high and copper and tin reached their best levels since October.

The MSCI World Index of 23 developed countries added 1.1 per cent at 9:45 a.m. in London as all 10 industry groups gained, while futures on the Standard & Poor’s 500 Index increased 1 per cent. Crude oil rose as much as 2.3 per cent to $71.65 a barrel in New York, while copper added as much as 1.8 per cent to $5,264 a metric ton in London. The dollar and the yen weakened as investors sought higher-yielding currencies, while Treasuries fell for the fourth time in five days.

Commodities surged as China’s government said property sales and investment are accelerating, adding to signs that the world’s third-largest economy is recovering. Consumer confidence in Australia jumped this month by the most in 22 years after the economy unexpectedly avoided a recession, while the American Petroleum Institute said oil supplies fell last week to their lowest level since March.

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