An index of global stocks rose 1% on Tuesday while U.S. bond yields and the dollar hung back from multi-month highs, as traders awaited President-elect Donald Trump’s cabinet selection and sought to gauge the outlook for U.S. interest rates.
Markets have pared bets for a quarter-point interest-rate cut at the Federal Reserve’s next meeting in December to less than 59%, down from close to 62% a day earlier, according to CME FedWatch. Europe’s benchmark STOXX index rose 0.2% in early trading, following gains of 0.5% for Japan’s Nikkei and a 0.8% rise in Australia’s equity benchmark which took it to a record intraday high. Taiwanese shares advanced 1.3%.
U.S. Treasury yields extended overnight declines, with the two-year yield ticking down to 4.2655% and the 10-year yield edging down to 4.3844%. Safe-haven gold added 0.28% to $2,619 after jumping nearly 2% on Monday, its biggest one-day advance since mid-August, amid softness in the dollar and heightened concerns about the Russia-Ukraine conflict.
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