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EghtesadOnline: Banks led broad gains in global stocks after Janet Yellen said the Federal Reserve doesn’t need to wait for the Trump’s administration’s plans on fiscal stimulus to hike rates. The dollar held gains and bonds dropped.

Equities from Tokyo to Sydney rose after four major American equity benchmarks closed at unprecedented levels for a second day. Chinese stocks in Hong Kong jumped the most in almost three months after record new credit fueled optimism about the strength of the economy. The yield on the 10-year Treasury note is up for a fifth day and the dollar is strengthening against most major currencies after the Fed chair said waiting too long to raise rates could disrupt financial markets, according to Bloomberg.

Trump reflation trades were back in vogue after Yellen’s comments, with odds for an increase in U.S. borrowing costs next month climbing to 34 percent. Inflation data Tuesday from China to America showed accelerating price gains at factories, bolstering the case for tightening before a reading on U.S. consumer price data Wednesday.

Here are the main moves in markets:

Currencies

  • The Bloomberg Dollar Index rose less than 0.1 percent, on course for a five-day advance, as of 11:44 a.m. in Tokyo. The yen fell less than 0.1 percent to 114.34 per dollar, after a two-day, 0.9 percent slide.

Stocks

  • The MSCI All-Country World Index climbed 0.2 percent to 442.11, the highest level since May 2015 and approaching an all-time closing high of 442.70.
  • The Hang Seng China Enterprises Index gained as much as 1.8 percent. Agricultural Bank of China Ltd. surged 4.4 percent. Bank of China Ltd. and Industrial & Commercial Bank of China Ltd. advanced more than 2 percent.
  • The Topix index rose 1.1 percent. Australia’s S&P/ASX 200 Index added 1 percent. South Korea’s Kospi increased 0.4 percent.
  • The S&P 500 Index rose 0.4 percent on Tuesday, for a sixth straight gain. Financial shares in the gauge jumped 1.2 percent to the highest since December 2007.

Bonds

  • Australian 10-year yields jumped five basis points to 2.78 percent, after rates on similar-dated Treasuries rose three basis points the prior session.
  • The yield on 10 year Treasuries climbed one basis point to 2.48 percent.  
Dollar Federal Reserve Asia stocks Global stocks Janet Yellen US interest rates