U.S. stocks surged to cap their longest rally of the year, as speculation the Federal Reserve will keep interest rates lower for longer.
The Standard & Poor’s 500 Index extended its advance to 5.6 percent over the past five days, while the Stoxx Europe 600 Index rose the most since August.
Raw materials including copper and oil increased. Oil rose above $46 a barrel in New York, adding 1.6 percent to settle at $46.26 after data showed a reduction in the number of rigs drilling for crude in the U.S., a sign of output cuts in the world’s biggest consumer.
The dollar and the yen tumbled against their higher-yielding peers. The Australian and New Zealand dollars strengthened as the gains in commodities and regional stocks helped the currencies rebound from last quarter’s losses, when signs of a slowdown in China damped demand for resource-related assets.
The odds of Fed liftoff this month fell to 10 percent after reports in the U.S. last week showed the pace of hiring slowed in September and wage growth stalled.
The MSCI Emerging Markets Index jumped 2.1 percent, gaining for a fourth day in the longest winning streak in five months.
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