Stocks in Europe joined a rally in commodities and emerging markets on speculation the Federal Reserve will not raise interest rates following signs of weakness in the U.S. economy.
The Stoxx Europe 600 Index rose a second day, and U.S. equity-index futures climbed after Friday’s worse-than-forecast jobs data sent the Standard & Poor’s 500 Index 1.4 percent higher. The MSCI Asia Pacific Index headed for its longest streak of gains since July. Commodities including copper and oil advanced, while the Bloomberg Dollar Spot Index dropped a third day.
Glencore Plc was buoyed in London amid reports the commodities trader is in talks with potential buyers of its agriculture business. “Interest-rate hikes for the moment are off the table,” said Patrick Spencer, equities vice chairman at Robert W. Baird & Co. in London. “It’s October, traditionally the market tends to rally here into year-end.”
The odds of Fed liftoff this month fell to 8 percent after U.S. reports showed the pace of hiring slowed in September and wage growth stalled, spurring speculation policy makers will take longer to remove stimulus that has helped repair the global economy.
With futures traders not seeing an increase from near zero until at least March, investors are returning to emerging-market assets and higher-yielding currencies. The Institute for Supply Management’s non-manufacturing index fell to 57.5 last month from 59 in August, economists said before today’s report.
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