World equity markets climbed to approach a four-week high yesterday, as investors’ appetite for the riskier asset was boosted by upbeat earnings from companies in Europe and the United States.

The US dollar clung to gains amid fading concerns over a global trade war, while a reported decline in US crude inventories and the possibility of supply disruptions pushed oil prices higher.

MSCI’s gauge of stocks across the globe was up 0.56 per cent, the highest since March 21, and on track for a third straight session of gains.

The index was supported by a higher open on Wall Street yesterday, following the latest batch of earnings. Morgan Stanley shares rose three per cent after the bank reported a 40 per cent jump in quarterly profit, driven by its trading business.

Shares of International Business Machines Corp tumbled 7.3 per cent after its profit margins fell short of Wall Street expectations.

The Dow Jones Industrial Average rose 12.93 points, or 0.05 per cent, to 24,799.56, the S&P 500 gained 9.17 points, or 0.34 per cent, to 2,715.56 and the Nasdaq Composite added 25.05 points, or 0.34 per cent, to 7,306.15.

European shares firmed amid strong company results, including those from French food group Danone, private healthcare provider Mediclinic and Dutch oil and chemical storage company Vopak.

Europe’s broad FTSEurofirst 300 index was up 0.32 per cent at 1,496.62.

The US dollar held steady versus a basket of major currencies as solid company results and fading concerns about a trade war helped keep a lid on safe-haven demand for the greenback.

The dollar found support from relatively stronger economic data than those seen in Europe and other developed markets.

The dollar index, which measures the greenback against a basket of six major currencies, was 0.07 per cent higher at 89.58.

Trading across US government bond maturities was range-bound on Wednesday, with yields little changed in spite of gains in the equity market.

Oil extended gains, rising more than $1 on a reported decline in US crude inventories and after sources signalled top exporter Saudi Arabia wants to see the crude price closer to $100 a barrel.

Brent crude oil futures were 1.9 per cent higher at $72.95 a barrel, while United States WTI crude futures were up 2.2 per cent at $68.06.

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