World stock markets enjoy vintage 2013, seen gaining more in 2014
- AAP battles Modi in Delhi, Congress missing
- First time, Narendra Modi slams Mamata Banerjee, calls her change ânakliâ
- Third phase of LS polls ends: High turnout in 91 seats; Chandigarh tops with 74 per cent
- Riot victims fight fear to vote, get glimpse of home
- Narendra Modi mentioned wife in poll affidavit after SC order on full disclosure
World stock markets were ending 2013 close to six-year peaks on Tuesday and benchmark bond yields were poised for their first annual rise since 2009 as investors celebrated a pick-up in global growth with expectations of more to come.
Thanks to ultra-easy monetary policies and an improving economic outlook, equities have enjoyed a vintage year in 2013. Wall Street was on track for its best year since 1997 with a 29 percent gain, while Japan's Nikkei ended up 56.7 percent and European shares gained 16 percent.
MSCI's all-country world equity index was flat at 407.42 points on Tuesday, having hit its highest since late 2007 at 407.65 on Monday.
The FTSEurofirst 300 index of top European shares was up 0.13 percent at 1,313.52 points, on course for its best year since 2009.
Assets favoured by investors in economic downturns took a beating in 2013, with top-rated U.S. and German bond yields trading near the highest in around two years and gold limping towards its worst annual performance in three decades.
With bets that the economic recovery will continue even as the U.S. central bank steadily trims its bond-buying stimulus and that the euro zone will take more steps towards overcoming its debt crisis, investors look for more of the same in 2014.
"There is almost a complacency about next year and how well it could go," said Hans Peterson, head of asset allocation at SEB investment management. "There is still abundant liquidity even if the Fed started to taper and I think that is still the main theme ... Everything looks nice and easy right now."
Reuters polls show European stocks are expected to hit new highs in 2014, while Chinese, U.S. and other major stock markets are also seen posting solid gains.
Gold is expected to remain depressed, while benchmark bond yields are seen rising only slightly, despite investors' preference for riskier assets, the polls show.
- Srinath wins title but Deshpande steals show
- Ambala Lok Sabha constituency: 65.15 pc vote in Panchkula district
- ‘No smoking’ signages to dot polling booths
- City breaks electoral record as 74 pc turn out to vote
- BJP campaign in Varanasi starts April 12 — without Modi
- Cong spending Rs 50 cr on each constituency: Kumaraswamy