World shares hold near record highs
• The MSCI All Country World index closed at a record 724.66 last week, and was 0.1% higher on Monday. Markets may see momentary bouts of doubt from new coronavirus variants on fears they could derail the recovery, but earnings should be a new incentive for an additional pick up in shares. Globally, profit expectations have bounced back to pre-pandemic levels, and nearly 50% of S&P 500 companies have raised their full-year outlook over the past three months, one of the highest percentage levels since 2010. Trading on Monday was thinner than usual with US markets closed for the Independence Day holiday.