Global Stocks Surge Amid Optimism on Fed Rate Cuts

Global stocks advanced for the third consecutive session as investors anticipated a potential U.S. interest rate cut by the Federal Reserve in December. Gains were bolstered by Alphabet and Meta Platforms on Wall Street alongside various economic data reports, as equity markets rallied while U.S. Treasury yields fell.

Global equities continued their ascent, buoyed by investor optimism surrounding a potential interest rate cut by the Federal Reserve in December. Alphabet and Meta Platforms led gains on Wall Street, driving U.S. stocks higher. The tech giant reached a notable milestone in market capitalization, nearing $4 trillion.

Reports indicated robust retail sales and an increase in the Producer Price Index, influenced by energy costs and tariffs. Despite these economic indicators, data showed a decline in private sector employment, adding complexity to the financial landscape as markets prepared for Thanksgiving holiday adjustments.

The strengthening rate-cut expectations fueled the rally, particularly benefiting small-cap stocks. While the European index also saw gains amid optimism over a Ukraine ceasefire. As the dollar weakened against major currencies, oil prices dropped slightly on geopolitical developments between Ukraine and Russia.

(With inputs from agencies.)