Stocks around the world snapped the longest losing streak in almost a year on optimism a deal can be reached to avoid automatic spending cuts and tax increases. Oil led commodities higher while the dollar and Treasuries fell.
The MSCI All-Country World Index (MXWD) advanced 0.6 percent as of 8:52 a.m. in London, snapping an eight-day decline. The Stoxx Europe 600 Index climbed 0.9 percent. Standard & Poorâ€™s 500 Index futures added 0.4 percent. Oil increased 1.1 percent in New York and copper gained 1.2 percent in London. Treasury 10- year yields rose three basis points, or 0.03 percentage point, to 1.61 percent. The dollar weakened against all 16 major counterparts.