World Stocks Rise to Hit New Record

Global stocks inched up to a new record high on Tuesday, shrugging off weaker-than-expected Chinese trade data that clouded an otherwise bright outlook for global growth.

Wall Street was expected to open flat to marginally lower, according to index futures, after slight falls on European bourses and modest gains in Asia, Reuters reported.

Chinese imports and exports both fell well short of forecasts last month and growth in overall trade, while still a healthy 8.8%, was its slowest this year.

Trade in Germany, Europe's powerhouse economy, slowed abruptly in June—another sign that demand may be starting to flag just as central banks contemplate scaling back stimulus.

However, MSCI's all-country world index ticked up to set a new record high at 480.87 points. It was last up less than 0.1% at 480.83 points.

The index, which tracks shares in 46 countries, is up for a 10th consecutive month and is on track for its longest monthly winning streak since 2003.

Shares across the globe have been hitting record highs in record low volatility, supported by a benign environment for global growth.

Ratings agency Fitch this week lifted its outlook for the world economy for this year and next. "Data continue to suggest a synchronized global expansion across both advanced and emerging market economies. Spill-overs from the rebound in emerging market demand are reflected in the fastest growth in world trade since 2010," said Fitch chief economist Brian Coulton.

The pan-European STOXX 600 index was last down less than 0.2%, with miners among the losers as the Chinese data weighed on copper prices.

MSCI's broadest index of Asia-Pacific shares outside Japan proved relatively resilient, inching up 0.2% and back toward decade highs. South Korea dipped 0.2%, while Japan's Nikkei eased 0.3% and China's main markets edged up 0.1%. Hong Kong's Hang Seng closed up 0.6%.

In currency markets, the dollar dipped for a second consecutive day after rising sharply on Friday following stronger-than-expected US jobs numbers, which some analysts said bolstered the case for the Federal Reserve to raise interest rates further.

The dollar index, which plumbed 15-month lows last week, was down 0.1%. The euro gained 0.2% to $1.1811, while the Japanese yen rose 0.4% to 110.34 to the dollar. Sterling was up 0.1% at $1.304.

This view was boosted on Monday by data showing industrial output in the eurozone's biggest economy unexpectedly fell 1.1% in June from a month earlier.