Global stocks surge, dollar falls; investors bet Fed may be done hiking rates

The pan-European STOXX 600 index rose 1.58 per cent and MSCI's gauge of stocks across the globe gained 1.96 per cent, which would be its biggest daily percentage jump since November 2022. — Reuters picNEW YORK, Nov 3 ― Global stock indexes jumped and the US dollar fell yesterday on investor optimism that the Federal Reserve may be done hiking interest rates, while benchmark 10-year Treasury yields fell to three-week lows.

Bond yields extended their move lower from Wednesday, on relief that the US Treasury Department announced smaller-than-expected increases in longer-dated Treasury supply. The pan-European STOXX 600 index rose 1.58 per cent and MSCI's gauge of stocks across the globe gained 1.96 per cent, which would be its biggest daily percentage jump since November 2022.In foreign exchange, the US dollar was broadly lower on the perception that US rate had peaked, raising risk appetite.

The dollar index, which measures the greenback against six other major currencies, was last 0.3 per cent lower at 106.18.

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