GLOBAL MARKETS-Gold shines as coronavirus surge unnerves investors

* Gold up for fourth straight session
* European Union prepared to bar U.S. travellers
* European stocks down 1%
* Asia stocks ex-Japan nudges to highest since early March
* World FX rates in 2020 http://tmsnrt.rs/2egbfVh

By Tom Arnold
LONDON, June 24 (Reuters) - Gold prices surged to their
highest in nearly eight years on Wednesday, while global shares
cooled as signs of an acceleration in coronavirus cases kept
investors on edge.
Fuelling concerns about sustained weakness in the pace of
the economic recovery was data showing several U.S. states
seeing record infections and the death toll in Latin America
passing 100,000, according to a Reuters tally. The European Union is even prepared to bar U.S. travellers
because of the surge of cases in the country, putting it in the
same category as Brazil and Russia, the New York Times reported.
All that and softness in the dollar, along with endless
cheap liquidity from central banks, helped spot gold XAU=
gain 0.2% to $1,770.92 per ounce after touching $1,773, its
highest level since October 2012 in early Asian trade. GOL/
Global stocks .MIWD00000PUS were 0.3% lower and have been
moving sideways in recent weeks after rising more than 40% from
March lows on hopes the worst of the pandemic was over.
European shares .STOXX were 1% lower.
There was some good news in markets, with emerging market
stocks .MSCIEF climbing to a 3-1/2 month high. They were up
0.5% on the day, while MSCI's broadest index of Asia-Pacific
shares outside Japan .MIAPJ0000PUS added 0.5% to reach its
highest since pandemic lockdowns first cratered markets in early
March.
E-Mini futures for the S&P 500 ESc1 reversed early losses
to gain 0.1%.
"Global equity market futures are struggling to make gains
today, likely for no other reason than with rising daily
Covid-19 cases in the US remaining front-page news, the
headlines are proving to be a weighty burden to bear this
morning," said Stephen Innes, chief global market strategist at
AxiCorp. "The trough in global growth is indeed behind us, but
the recovery trajectory in H2 remains uncertain."
Against a backdrop of concerns over a weaker U.S. dollar and
that a jump in infections will lead to more stimulus measures,
gold should remain on a reasonably constructive path, he said.
The euro EUR=EBS , headed for its best month against the
dollar since October, inched higher to $1.1303.
The dollar =USD was just a touch negative against a basket
of currencies, just above a one-week low hit Tuesday.
"The dollar and risk sentiment are likely to remain broadly
negatively correlated, barring the U.S. displaying clear and
enduring leadership in the global economic recovery, something
hard to square with the grim U.S. news on COVID," said Ray
Attrill, head of FX strategy at NAB.
The New Zealand dollar NZD=D3 eased after the country's
central bank said it might have to do yet more to stimulate the
economy, including cutting rates further, expanding bond
purchases or even buying foreign assets. Euro zone bond yields were broadly steady, with a focus on
Austria which is expected to sell a new 100-year bond that will
raise 2 billion euros, one of the longest-dated bond sales since
the coronavirus crisis.
Germany will also visit the primary market with the first
reopening of a 15-year bond which is expected to raise 2.5
billion euros.
Oil futures were mixed as worries about oversupply in the
market, stoked by a rise in U.S. crude inventories, were offset
by a drop in gasoline stocks.
Brent crude LCOc1 was up 0.3% at $42.75 a barrel, while
U.S. West Texas Intermediate (WTI) crude CLc1 futures fell 1
cents to $40.34 a barrel, paring some earlier losses. O/R

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Global assets http://tmsnrt.rs/2jvdmXl
Global currencies vs. dollar http://tmsnrt.rs/2egbfVh
Emerging markets http://tmsnrt.rs/2ihRugV
MSCI All Country Wolrd Index Market Cap http://tmsnrt.rs/2EmTD6j
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