A wave of risk appetite swept global financial markets higher from stocks and the dollar to gold and oil on Thursday, after the U.S. Federal Reserve kicked off its long-awaited interest rate cutting cycle with a half point move.
Europe was waiting to see if the Bank of England delivers a surprise cut of its own later. That is seen as only an outside chance, so for the time being the bulls were content with the first Fed cut in four years.
The cut, and the prospect of more before the end of the year, pushed MSCI's 47-country world stocks index close to a record high. Wall Street futures were up after the S&P 500 hit its own all-time peak overnight, and Europe also opened strongly.
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