Global Stocks Rise as Rate Hike Bets Diminish
Global stocks rose on Monday as investors reduced their bets for an imminent rate hike from the Federal Reserve. The CME Group's FedWatch tool now prices a rate hike next month at just 30%, down sharply from about 50% a week earlier.
The STOXX benchmark of 600 big European companies rose 0.21%, following gains in Asia-Pacific shares outside Japan, which rose 0.5%. China's blue-chips also jumped 0.8% ahead of activity data for July.
U.S. Treasury yields slipped after finishing mixed last week, with the two-year yield easing to 4.154% and ten-year yields falling to 4.680%. The soft run of data has weighed on the dollar, which hit a two-month low, with the euro reaching a high of $1.1588.
Gold prices bounced up 0.5% to $4,397 an ounce after last week's climb of 0.8%. The Brent crude price gave up earlier gains and fell by 0.05%, while U.S. crude slipped 0.7% to $81.91 a barrel.