Rate Hike Expectations Fall, Global Equities Rise

Global equities rose on Thursday as investors pared back their bets on a U.S. rate hike, while oil prices fell more than 2% due to higher inventories and lower global demand forecasts.

The U.S. producer price data for July showed no change from the previous month, reducing expectations for a Federal Reserve rate hike next month.

Traders scaled back their bets on a September rate hike, pricing in a 65% probability of the Fed staying on hold next month versus 50% on Wednesday.