GLOBAL MARKETS-Shares rise on economic recovery hopes, bonds dip

(Adds U.S. market open; changes byline, dateline; previous
LONDON)
* Nasdaq tops 10,000 mark again as Wall Street gains
* Euro rises even as ECB warns of 'dramatic fall'
* Oil gains as OPEC+ pledges to meet supply cuts

By Herbert Lash
NEW YORK, June 19 (Reuters) - Global equity markets shot
higher on Friday as renewed optimism of a quick economic
recovery spurred risk appetite and reduced demand for safe-haven
bonds, as did a report that China will speed up purchases of
U.S. farm goods.
The dollar slid and the euro rose even as little progress
was made on a 750 billion euro recovery fund at a European Union
summit to discuss the stimulus and the European Central Bank
chief warned that the region's economy was in a "dramatic fall."
Stocks in Europe rose almost 1% and Wall Street opened
sharply higher, with the Nasdaq surging above the 10,000 mark
again, on track to set a record closing high. The tech-heavy
index was about 0.3% off its all-time peak.
The U.S. economy is re-opening despite a rising number of
COVID-19 cases and some states warning they could re-impose
shutdowns, noted Tim Ghriskey, chief investment strategist at
Inverness Counsel in New York.
"There's a degree of caution and there will be a return to a
normal economic environment sooner rather than later, by getting
in front of the pandemic," Ghriskey said. "There will be renewed
outbreaks and you could see shutdowns again, but it seems like
the government is prepared for this second wave."
MSCI's gauge of stocks across the globe .MIWD00000PUS
gained 0.54% while the pan-European STOXX 600 index .STOXX
rose 0.68%. Emerging market stocks rose 0.70%.
On Wall Street, the Dow Jones Industrial Average .DJI rose
139.82 points, or 0.54%, 199.79 points, or 0.77%, to 26,219.92.
The S&P 500 .SPX gained 19.08 points, or 0.61%, to 3,134.42
and the Nasdaq Composite .IXIC added 82.37 points, or 0.83%,
to 10,025.42.
Investors are tugged in opposite directions by improving
economic data and new breakouts of COVID-19 infections, which
have caused concerns that the economy may not bounce back as
quickly as hoped.
California, North Carolina and a string of U.S. cities have
mandated or urged mandatory mask use to contain spiraling
coronavirus cases as at least six states set daily records.
Mainland China reported 32 new coronavirus cases as of the
end of June 18, 25 of which were reported in Beijing, China's
National Health Commission said. Brent oil rose to above $42 a barrel on Friday, adding to
gains in the previous session, after OPEC producers and allies
promised to meet supply cuts and signs of recovering demand, hit
by the coronavirus crisis. Brent LCOc1 was at $42.73, up 2.94% on the day and U.S.
crude CLc1 rose 3.78% to $40.31 per barrel.
ECB President Christine Lagarde called on EU leaders to
agree on their recovery plan quickly, diplomatic sources and
officials said. The leaders are divided over its final size but
hope a deal will be struck in July.
The dollar slipped overnight. The dollar index =USD rose
0.138%, with the euro EUR= down 0.12% to $1.1189 and the
Japanese yen JPY= up 0.01% versus the greenback at 106.96 per
dollar.
Demand for safe German government debt was little changed,
with the benchmark 10-year Bund yield at -0.411% DE10YT=RR .
Benchmark 10-year notes US10YT=RR rose 2.8 basis points to
yield 0.7118%.
Spot gold XAU= added 0.9% to $1,737.93 an ounce.

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