World stocks hit record high as French vote sparks risk-on rally

LONDON: MSCI's gauge of global stocks hit an all-time high on Monday as abating political risk after a market-friendly outcome to the first round of the French presidential election stoked a risk-on rally.

The MSCI All-Country World was up 1.5 percent, surpassing its prior peak set last month before growing risks of a Brexit-like shock in the French election and doubts about the Trump administration's policies interrupted the so-called reflation trade.

Across major indices, France's CAC 40 rose more than 4 percent on the day and was on track for its best session in nearly five years. In the United States, the Nasdaq Composite rose 1.2 percent to a record.