Global stocks climbed for a second day on Tuesday, after Britain’s decision to ditch part of a controversial tax-cut plan and slightly paler expectations for aggressive central bank action returned some confidence to investors.
Adding to the sense of relief among investors, who endured one of the most volatile quarters in recent history in the three months to September, was Australia’s central bank, which lifted interest rates by far less than expected. The MSCI All-World index was last up 0.8% on the day, while stocks in Europe enjoyed a decent bounce, with the Stoxx 600 trading almost 2% higher and London’s FTSE gaining over 1%.
“Noticeably, that move lower was entirely driven by a fall in real yields, with inflation break-evens moving higher on the day, which is again a sign that investors are pricing in a much less aggressive reaction from the Fed,” Deutsche Bank strategist Jim Reid said in a daily note.
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