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Reuters

Stocks extend gains as inflation worries ease

World shares extended their gains on Monday, building on Friday’s strong Wall Street close, while oil prices came off their peaks, improving sentiment and tempering concerns of prolonged inflation. Strong advances in European equity markets and a rally across Asia after China further eased COVID-19 restrictions drove the MSCI’s benchmark for global stocks up for a third session, rising around 0.5%. Investors hope oil prices’ slide from three-month peaks hit earlier in June will ease price pressures and allow the U.S. Federal Reserve to tighten policy less aggressively than initially feared, moderating recession worries.

Pending home sales post surprise increase in May, likely due to brief pullback in mortgage rates

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