Stocks rise, brent crude futures gain 0.3%

MSCI’s broadest index of Asia-Pacific shares outside Japan was up 1%

Stocks rose on Wednesday. MSCI’s broadest index of Asia-Pacific shares outside Japan was up 1%. Nikkei stock index tacked on 1.8%.

U.S. stocks reclaimed lost ground after a selloff earlier this month, with the S&P 500 and Nasdaq Composite rising for a third straight day on Tuesday after data showed retail sales rose less than expected and consumer confidence weakened, firming up expectations that the U.S. central bank will ease policy soon.

There was a sea of green across major equity markets with futures pointing to a solid start to today’s session in the local market, analysts from Westpac wrote in a research report.

Sentiment received a boost amid increasing bets the U.S. Fed would cut again in December, following the decline in U.S. consumer confidence and soft retail trade numbers, the analysts said.

Fed funds futures are pricing an implied 80.7% probability of a 25-basis-point cut at the U.S. central bank’s next meeting on December 10, compared to even odds a week ago, according to the CME Group’s FedWatch tool.

The yield on benchmark 10-year Treasury notes rose to 4.0037% and was trading slightly higher after briefly breaking below the 4% threshold on Tuesday for the first time this month.

Brent crude futures gained 0.3% to $62.68, stabilising after dropping to a five-week low on Tuesday, while European energy prices hit the lowest in a year-and-a-half.

OPEC+ is meeting on Sunday and is likely to leave output levels unchanged, three OPEC+ sources said.

The European single currency was little changed on the day at $1.1564, having added 0.3% in the past month.

The dollar advanced 0.2% against the yen to 156.33, while the dollar index, which tracks the dollar against other currencies, was unchanged at 99.833.