Global stocks advanced, with investors raising bets on a US interest rate cut this month after payrolls data showed strong job growth in November. The S&P 500 and Nasdaq rose, while the Dow fell slightly.
The US Federal Reserve is expected to cut rates by 25 basis points at its Dec 17-18 meeting, according to futures markets, which now put an 85% chance on the event.
Payrolls data revealed a surge in nonfarm jobs of 227,000 last month, exceeding economists’ forecasts. This led to a rise in Treasury yields and a strengthening US dollar index.
Meanwhile, European shares also advanced, driven by French stocks which logged their biggest daily gain in three weeks amid political uncertainty. Chinese shares climbed to three-week highs on stimulus bets.
Bitcoin rebounded from its loss earlier in the day, rising 2.3% as investors bet on regulatory changes under President-elect Donald Trump’s administration.
Source: https://www.reuters.com/markets/global-markets-wrapup-1-2024-12-06