Global equities rose and the dollar fell as investors bet the Federal Reserve has completed its 16-month policy tightening cycle.
A slew of earnings beats from high-profile companies boosted the Stoxx Europe 600 index 1% higher to a two-month high, while US futures pointed to a strong Wall Street session. Contracts on the Nasdaq 100's tech-heavy, policy-sensitive index rose 1.3%, led by an 8% premarket surge in Facebook parent Meta Platforms.
The moves come after the Fed raised the federal funds rate to a 22-year high, and while it indicated that future hikes would be dependent on data, many investors believe the Fed is done raising interest rates. They have reduced their bets on further increases this year, as Fed Chair Jerome Powell pointed to evidence that higher borrowing costs are reducing price pressures.
