The global stock market gauge closed at an all-time high on Monday, as tech stocks struck a deal by the world’s richest countries on a corporate tax targeting US tech heavyweights, and prices oil soared to a two-year high.

The MSCI All Country Global Equity Index (.MIWD00000PUS) gained 0.1%, marking its sixth record in seven days, as stocks advanced on expectations of an economic rebound from the coronavirus pandemic.

Oil climbed above $ 72 a barrel, prolonging this year’s recovery based on rising demand for recovery and supply restrictions from the Organization of the Petroleum Exporting Countries and its allies, before to give up gains while investors took profits.

Yields on US Treasury and Eurozone government bonds edged up in largely moderate trade ahead of a European Central Bank meeting on Thursday, the same day the much-anticipated US inflation data will be released.

The 10-year US Treasury bill rose 0.1 basis point to a yield of 1.5704%, at the bottom of a two-month range.

The 10-year German Bund yield rose 0.2 basis points to -0.195, near its one-month low reached after Friday’s US unemployment report. The data showed a strong recovery in hiring, but not enough to spark fears of an overheated economy that could lead to a tightening of US monetary policy via higher interest rates.

Big tech companies, in the sights of Saturday’s G7 deal that aims for a minimum global corporate tax rate of at least 15%, can expect a little more predictability in their future obligations. tax, said Christopher Smart, chief global strategist at Barings. .

A period of unilateral taxes and punitive US and EU tariffs has been avoided for the time being, Smart added.

Politically, US President Joe Biden’s agenda could be in trouble if he is unable to change the filibuster rule in the Senate, Ed Moya, senior market analyst at OANDA told New York.

“We get lower volatility and that leads to a very difficult market to trade or to get excited about,” Moya said of the range stock market.

“The market will have to wait a few months for some clarification on the recovery in the labor market and whether these price pressures will be persistent,” he said, referring to the surge in US inflation likely to be. observed Thursday.

MSCI’s ACWI Index, a global benchmark for equity performance in 50 countries, closed at 717.00. The index is heavily weighted by US tech giants, half of which rose while the rest fell.

Microsoft Corp (MSFT.O) rose 1.2%, Facebook Inc (FB.O) rose 1.9% and Apple Inc (AAPL.O) gained 0.008% after being in the red most of the day. Amazon.com Inc (AMZN.O) slipped 0.3%.

On Wall Street, the Dow Jones Industrial Average (.DJI) lost 0.36%, the S&P 500 (.SPX) lost 0.08% and the Nasdaq Composite (.IXIC) gained 0.49%.

In Europe, the advance of automakers more than offset early declines in commodity-related stocks triggered by disappointing Chinese export data.

Chinese copper imports fell 8% in May from the previous month as record prices further eroded buyer interest as overall export growth missed analysts’ forecasts. Read more

Three-month copper on the London Metal Exchange lost 0.3% to $ 9,925 a tonne.

The European auto and parts index (.SXAP) rose 0.9% to its highest level since March 2015, extending a rally of 5.3% from last week.

Eurozone banks (.SX7P) were broadly higher as government yields were stable near their month low before the ECB meeting on Thursday, when policymakers are expected to stick to their accommodative policy.

The broad European index FTSEurofirst 300 (.FTEU3) rose 0.29% to close at 1,747.17, a new closing high. The Continental STOXX 600 Index (.STOXX) also set a new closing high at 453.86.

Gold prices strengthened as the dollar weakened, with the dollar index falling 0.2% while the euro was slightly higher against the dollar, at $ 1.2196. The Japanese yen strengthened 0.23% against the greenback to 109.26 per dollar.

US gold futures were up 0.4% to $ 1,898.80 an ounce.

Crude has risen in the past two weeks, with Brent up 38% this year and West Texas Intermediate, the US benchmark, up 43%.

Brent crude futures were down 40 cents to $ 71.49 per barrel. US crude futures fell 39 cents to $ 69.23 a barrel.

Overnight in Asia, the largest MSCI Asia-Pacific stock index outside of Japan (.MIAPJ0000PUS) slipped 0.08%, while Japan’s Nikkei (.N225) edged up 0 , 3% and reached its highest level in almost a month.

Taiwan stocks (.TWII) fell 0.4% as a spike in COVID-19 cases hit three tech companies in northern Taiwan, including chip packager King Yuan Electronics (2449.TW). Read more

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