World stocks rise; dollar dips on U.S. labor data, yuan surge
By Saqib Iqbal Ahmed
NEW YORK (Reuters) - Global equity prices shrugged off weakness on Wall Street to cling to gains after hitting their highest level since mid-2015 on Thursday, bolstered by strong Chinese data that added to optimism about global growth and inflation.
The dollar slipped against a basket of major currencies after U.S. inflation and unemployment data failed to reverse a downtrend that followed some of the biggest gains on record for China's yuan. U.S. Treasury debt yields slipped as investors grew risk-averse amid uncertainty about the incoming Trump administration.
MSCI's world index .MIWD00000PUS, which tracks shares in 46 countries, rose 0.55 percent for a third straight day of gains.
The index has been riding a wave of upbeat factory and service sector surveys out of the United States, Europe and Asia this week.
Growth in China's services sector accelerated to a 17-month high in December, a private sector survey showed.
The index, however, got little support from Wall Street as the S&P 500 closed slightly lower, weighed by financial shares and as investors dumped traditional retailers Macy's (M.N: Quote) and Kohl's (KSS.N: Quote) on dismal holiday sales numbers.
Amazon (AMZN.O: Quote) powered the Nasdaq Composite to a record closing high.