Global Markets Set For Longest Rally In 17 Years

Global stocks are having the longest run of gains in 17 years as optimism over the economic recovery sweeps across markets.

The Morgan Stanley Capital International benchmark for emerging and developed market stocks has risen for 12 straight sessions, while U.S. equities were set to open higher after a public holiday. In Japan, the Nikkei 225 Stock Average extended its rally past the 30,000 level while European markets steadied after a rally on Monday.

Investors are riding a wave of speculative euphoria from penny stocks to Bitcoin amid abundant policy support.

“Continued monetary stimulus and bursts of fiscal support maintain a strong foundation for risk assets,” said Seema Shah, chief strategist at Principal Global Investors.
Here’s a look at how it’s playing out in global markets:

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Brent oil is holding near a 13-month high after freezing temperatures crippled the Texas power system and disrupted crude production, leaving nearly 5 million people in darkness in the U.S. Natural gas futures for March delivery surged as much as 7 percent.

In metals, copper climbed to the highest since 2012, and tin’s dramatic surge extended. Citigroup Inc. forecasts copper prices will rally to $10,000 a ton in six to 12 months on a recovery in demand, most notably outside China.

Bitcoin crossed a new milestone, surpassing $50,000 as the blistering rally continues to captivate investors. Tesla Inc.’s announcement that it added $1.5 billion in Bitcoin to its balance sheet was the most visible recent catalyst. Companies such as Mastercard Inc. and Bank of New York Mellon Corp. have also moved to make it easier for customers to use cryptocurrencies.