(Bloomberg) — A gauge of global equities held firm after four days of gains, following a recovery fueled by bets that the Federal Reserve will cut interest rates faster than previously thought.

The MSCI All Country World Index was little changed after trimming its drop for November to 0.4% in the prior sessions. The gauge had been down nearly 4% for the month just over a week ago. European and Asian benchmarks posted modest moves, with US markets closed for Thanksgiving. S&P 500 futures were steady.

Most Read from Bloomberg

In another sign that risk appetite is returning, Bitcoin traded above $91,000 for the first time in a week. The dollar paused a two-day retreat.

The moves in stocks tracked firming expectations for Fed easing, with money markets pricing in roughly an 80% chance of a quarter-point cut next month and leaning toward three more by the end of 2026. A little more than a week ago, traders were projecting three cuts in total. It also signals fresh optimism after worries over stretched tech valuations hammered equities earlier in the month.

“We’re building up for a classic year-end rally,” said Daniel Murray, chief executive officer of EFG Asset Management Switzerland. “Our main scenario is one where actually the macro environment continues to hold up well into 2026, the corporate earnings outlook looks pretty decent and you get the added tailwind of the lagged effect of rate cuts.”

Among the more notable movers on Thursday, Japanese and South Korean equities outperformed their regional peers, with tech shares leading gains in both markets. In Europe, Germany’s DAX index rose 0.3% as Puma SE jumped 16% on takeover interest from multiple bidders.

UK gilts gave back some of Wednesday’s rally that followed the Autumn budget. Chancellor of the Exchequer Rachel Reeves carved out a larger fiscal buffer, which buoyed sentiment, even though the tax-raising steps required cast a shadow over the outlook for economic growth. The pound and FTSE 100 were little changed.

“All told, we think the UK government did what it needed to do to keep UK bond markets on side,” wrote Bill Diviney, head of macro research at ABN AMRO. “While there is naturally some risk to this more backloaded fiscal consolidation round, it comes on top of an already considerable effort.”

Oil fluctuated after Russian President Vladimir Putin said that US proposals for ending the war in Ukraine could be the basis for future agreements, although no final draft exists yet. Platinum touched its highest level in more than a month, supported by optimism over fresh demand after a Chinese exchange launched a new futures contract.

What Bloomberg Strategists Say…

“Upcoming commentary from the BOE will likely set markets up for a cut next month or at least not stand in the way of it. Thereafter, given the credibility hit the BOE faced in taming rising inflation, it’s likely to stay cautious until data warrants a more neutral policy stance. Some rate-cut bets for 2026 may fade, which could cap upside in gilts.”

— Adam Linton, macro strategist. For full analysis, click here.

Corporate News:

  • Banca Monte dei Paschi di Siena SpA said Chief Executive Officer Luigi Lovaglio has been notified he is under investigation for alleged market manipulation and obstructing regulators in the bank’s takeover of rival Mediobanca SpA.

  • European fund distribution platform Allfunds Group Plc is attracting fresh takeover interest from suitors including Deutsche Boerse AG, according to people familiar with the matter.

  • Morgan Stanley was fined €101 million ($117 million) by the Dutch public prosecutor over dividend tax evasion and deliberately filing incorrect tax returns.

  • China Vanke Co. was rejected by at least two big local banks as it tried to secure a short-term loan to quell the default fears that have fueled a plunge in its bonds this week, according to people familiar with the matter.

  • Chinese sports apparel company Anta Sports Products Ltd. is among firms exploring a potential takeover of Puma SE, according to people familiar with the matter.

Some of the main moves in markets:

Stocks

  • S&P 500 futures were unchanged as of 3:48 p.m. New York time

  • Futures on the Dow Jones Industrial Average were little changed

  • The MSCI World Index was little changed

  • The MSCI Asia Pacific Index rose 0.2%, climbing for the fourth straight day

  • The MSCI Emerging Markets Index was little changed

  • Ibovespa Brasil Sao Paulo Stock Exchange Index fell 0.1%, more than any closing loss since Nov. 21, 2025

  • Mexico’s S&P/BMV IPC fell 0.8%

Currencies

  • The Bloomberg Dollar Spot Index was little changed

  • The euro was little changed at $1.1596

  • The British pound was little changed at $1.3238

  • The Japanese yen rose 0.1% to 156.29 per dollar

  • The offshore yuan was little changed at 7.0742 per dollar

  • The Mexican peso was little changed at 18.3489 per dollar

  • The Brazilian real weakened 0.3% to 5.3522 per dollar

Cryptocurrencies

  • Bitcoin rose 1.4% to $91,469.26

  • Ether rose 0.7% to $3,043.64

Bonds

  • The yield on 10-year Treasuries was little changed at 3.99%

  • Germany’s 10-year yield was little changed at 2.68%

  • Britain’s 10-year yield advanced three basis points, more than any closing advance since Nov. 19, 2025

Commodities

  • West Texas Intermediate crude rose 0.8% to $59.10 a barrel

  • Spot gold fell 0.1% to $4,157.61 an ounce

This story was produced with the assistance of Bloomberg Automation.

–With assistance from Sebastian Boyd.

Most Read from Bloomberg Businessweek

©2025 Bloomberg L.P.