Global Markets Surge as Fed Pivot Rally Continues

Global shares and bonds continued to rise following the Federal Reserve's dovish stance on interest rates. MSCI's world share index is on track for its longest winning streak in six years, while the benchmark 10-year Treasury yield remains below 4%. European and Asian markets also saw gains, although weakness in China limited the performance of the Asia-Pacific shares index. Markets have priced in significant rate cuts from the Fed, ECB, and Bank of England for next year, despite some pushback from European central banks. Euro zone bonds rallied after disappointing PMI data, challenging the ECB's stance. Chinese blue-chip stocks fell, but Hong Kong's Hang Seng index rebounded on relaxed home purchase restrictions. Oil prices rose on a bullish forecast for oil demand, while gold prices also increased.