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Global Shares Rally With Crude While `Brexit' Tussle Hits Pound

  • Energy stocks drive gains amid demand for beaten-down assets
  • China shares jump after head of securities regulator replaced
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Are Central Banks Close to the End of the Road?

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Stocks across the globe rallied, with the Standard & Poor’s 500 Index extending gains following its best week of 2016, as oil and metals advanced. Treasuries, gold and the yen declined amid reduced demand for haven assets.

Energy and material shares led equities higher, as investors scooped up the past year’s worst performers. The MSCI All Country World Index closed at its highest level since Feb. 1, as crude surpassed $31 a barrel and iron ore rose to a four-month high. The pound weakened after London Mayor Boris Johnson said he’ll campaign for Britain’s exit from the European Union, putting him at odds with Conservative Party leader Prime Minister David Cameron. The weekend ouster of China’s chief market regulator sparked equity gains in Shanghai.