Stock markets around the world surged yesterday as robust manufacturing data raised hopes that the global economy could soon be past the worst of the recession.
The FTSE Eurofirst 300 index of leading European shares closed 2.7 per cent higher and the S&P 500 index was up 2.6 per cent by midday in New York, a five-month high, following an earlier surge in Asian stock prices.
The improvement in risk appetite undermined the dollar's appeal as a haven and the currency touched its lowest level of the year against the euro. Government bonds also resumed their downward path as investors flocked to equities. The yield on the 10-year US Treasury bond soared to within a whisker of last week's six-month high of 3.75 per cent.
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