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Premarket: Global stocks boosted by U.S. rate relief confidence

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Shares traded near one-month highs while U.S. futures pointed to a steady start

Global shares traded around one-month highs on Tuesday, boosted by renewed confidence in U.S. interest rate cuts, while a weaker yen and small dip in the Australian dollar kept the U.S. dollar steady.

On Tuesday, U.S. futures pointed to a steady start later on, while stocks in Europe caught a bid from the banks, where UBS and Unicredit beat expectations, sending the STOXX 600 up 0.6 per cent. “As long as the optionality of Fed cuts on any weakness remains, the Fed put is intact which will continue to support risky assets,” he said.

Treasuries, which rallied on Friday’s jobs figures, traded steady in New York overnight and 10-year yields held at 4.49 per cent in Tokyo on Tuesday. Interest rates markets price at least one U.S. rate cut this year, in November.

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