European stocks look set to extend gains from the previous session on Tuesday as Treasury yields eased from levels not seen in roughly a decade on expectations for less aggressive action by the U.S. Federal Reserve.
Gold held steady near three-week peak and copper prices rose, buoyed by a softer dollar and a dip in U.S. bond yields, after new data showed U.S. manufacturing activity grew at its slowest pace in nearly 2-1/2 years.
Asian markets followed Wall Street higher, with benchmark indexes in Japan, South Korea and India climbing 2-3 percent.
Australia’s S&P/ASX 200 soared 3.8 percent after the Reserve Bank of Australia opted for a smaller hike, saying the cash rate had been increased substantially in a short period of time.
The British pound was little changed after earlier reaching $1.13435, the highest level since Sept. 22.
Oil prices edged up slightly in Asian trade after rallying over 4 percent in the previous session on expectations that OPEC+ may agree to a large cut in crude output when it meets on Wednesday.
U.S. stocks rallied overnight as bargain hunters stepped in after a September selloff not seen in decades.
The Dow soared 2.7 percent to record its best single day gain in over seven months, while the S&P 500 surged 2.6 percent and the tech-heavy Nasdaq Composite added 2.3 percent.
European stocks ended Monday’s session higher after seeing some strong buying in the final hour of trade.
The pan European Stoxx 600 gained 0.8 percent as British officials abandoned a tax cut plan.
The German DAX rose 0.8 percent, France’s CAC 40 index edged up 0.6 percent and the U.K.’s FTSE 100 added 0.2 percent.
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