Global stocks headed for their best month since late 2020 as robust results from big tech companies signalled the sector’s resilience to an economic slowdown and traders scaled back expectations of central bank rate rises.
The FTSE All World index of developed and emerging market shares jumped 5.8 per cent in July, leaving it on track for its best month since November 2020. The rise reflects significant gains for the $44tn US equities market.
Shares in Amazon leapt 14 per cent higher in after-hours trading in New York after the ecommerce giant beat analysts’ quarterly revenue forecasts and offered an upbeat outlook for the rest of the year because of strength in its cloud computing business.
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