European stocks advanced, while Asia’s benchmark share index headed for the biggest three-day gain in two months. The ruble jumped with crude oil.
The Stoxx Europe 600 Index climbed 0.9 percent by 8:21 a.m. in London. The MSCI Asia Pacific Index rose 0.7 percent, bringing its gain since Dec. 18 to 3.2 percent. Australia’s S&P/ASX 200 Index (MXAP) added 1.9 percent. Standard & Poor’s 500 Index futures increased 0.2 percent. The ruble surged 3.5 percent in Moscow, while crude rose for a second day. Yields on 10-year Japanese debt fell to the lowest level since April 2013.
The Federal Reserve said last week that it would be patient over interest-rate increases, while signaling borrowing costs could be raised as early as April, spurring a surge in global stocks and declines in U.S. Treasuries. Data tomorrow may show U.S. growth was faster than initially estimated last quarter. Saudi Arabia’s oil minister said he’s is confident crude prices will rebound as demand recovers.
“In general, investors seem to be feeling that it’s safe to buy after the Fed’s shown that they’re not in a hurry to raise rates,” Shoji Hirakawa, chief equity strategist at Okasan Securities Co. in Tokyo, said by phone today. How oil “might move towards next week hasn’t become clear, so it could still disrupt markets”.