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European and Asian Stocks Rise Amid China Optimism

European and Asian markets were on the rise on Monday morning as optimism regarding China’s economic recovery continues to rise. Such investor confidence appeared to outweigh concerns over a flailing dollar as U.S. borrowing costs are expected to remain higher for longer.

The Stoxx Europe 600 edged 0.2% higher, marking its fifth daily rise in six days, while the MSCI Asia Pacific Index embarked on a 0.6% rise. The Shanghai Composite Index embarked on its biggest rise since November.

U.S. futures retreated, on the other hand, with contracts on the S&P 500 and the Nasdaq 100 declining by 0.1% each. Dow Jones futures remained little changed.

As investor confidence wavered following hawkish comments by the Federal Reserve, U.S. Treasury futures wavered, with the yield on 10-year Treasuries standing at 3.81%. The Bloomberg Spot Dollar Index remained little changed, however, the offshore yuan strengthened against the U.S. dollar by 0.2%, standing at 6.8631 per dollar.

Looking at commodities, oil futures advanced, with brent crude oil rising by 0.9% to $83.76 per barrel while spot gold remained largely unchanged. Bitcoin continued its fall after its resurgence last week, retreating 0.3% to $24,470. Ether rose 0.4% to $1,692.62.

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