LONDON, SYDNEY—Global shares drifted on Monday, consolidating gains after hitting a 14-month high last week, as investors awaited testimony from U.S. Federal Reserve Chair Jerome Powell in markets that remain dominated by monetary policy bets.
The MSCI’s broad gauge of world stocks was steady, with Wall Street markets closed for the Juneteenth holiday.
In Europe, the Stoxx 600 share index fell 0.5 percent in early trading.
After a week in which the stock market cheered the Fed’s decision to skip a rate increase in June, Powell is scheduled to deliver congressional testimony on Wednesday and Thursday.
Hopes that the Fed will end its most aggressive rate increase campaign in decades are boosting global stock indices dominated by the U.S. tech megacaps that tend to outperform when risk appetite is buoyed by easier monetary policy….