Stocks extended their record-breaking rally and gold climbed to a new high as investors bet on an interest-rate cut by the Federal Reserve this week.
The MSCI All Country World Index climbed 0.1% in its 10th day of gains, set for the longest winning run in more than four years.
Asian shares advanced 0.7% to a record and are poised for their best streak in nearly five years. Contracts for the S&P 500 edged up 0.1% after the gauge closed at its highest ever.
Futures for European stocks also edged up. Gold rose to a new record while the value of the dollar edged lower for a second day. Treasuries steadied as investors awaited Tuesday’s US retail sales data.
The yen gained against the dollar, in part due to the entry of Japan’s Agriculture Minister Shinjiro Koizumi into the leadership race of the ruling Liberal Democratic Party.
Recent data showing softer labor-market conditions and no major surprises in inflation prints have reinforced expectations for a quarter-point rate cut by the Fed on Wednesday.
Traders see the move as virtually certain, though the debate is now shifting to how quickly the central bank might ease policy beyond that, with inflation still running above the Fed’s 2% target.
