Global Stocks Set for Longest Win Streak of 2024: Markets Wrap

(Bloomberg) -- Stocks ticked higher after a buoyant session on Wall Street amid bets the Federal Reserve will soon signal it’s ready to start cutting interest rates.

MSCI’s all-country stock index headed for a ninth day of increases — the longest run of gains since December. Europe’s Stoxx 600 and US futures posted small advances, while Treasury 10-year yields were steady. The yen slipped to hover around 147 per dollar.

Traders are taking a breather after Monday’s session in the US lifted the S&P 500 for an eighth straight day. Stock volumes have been trending lower with investors reluctant to place big bets before central bankers gather for the Fed’s Jackson Hole economic symposium this week.

“What we’ve seen happen is a swath of recent data, which has eased fears about slowing US growth without stoking fears of re-accelerating inflation,” said Kyle Rodda, a senior market analyst at Capital.Com Inc.

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In Europe, investors will be focused on euro-zone inflation data out later for signs a slowdown in price growth is on track. Increasing risks to the growth outlook have reinforced the case for a policy adjustment when the European Central Bank meets next month, according to Governing Council member Olli Rehn said.

On the corporate front, Alimentation Couche-Tard Inc.’s preliminary proposal to buy 7-Eleven owner Seven & i Holdings Co. could be worth more than ¥5.63 trillion ($38.4 billion), based on the Japanese company’s market value after news of the potential deal was disclosed.

A gauge of Asian currencies touched the highest since January, while oil extended the biggest drop in two weeks as the US said Israel accepted a cease-fire proposal in Gaza.

Copper trimmed its recent rebound and gold topped $2,500 an ounce on expectations that the Fed is poised to cut interest rates.

Key events this week:

Some of the main moves in markets:

Stocks

Currencies

Cryptocurrencies

Bonds

Commodities

This story was produced with the assistance of Bloomberg Automation.

--With assistance from Jason Scott.