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Stocks across Europe rallied on Monday, led by gains for insurance stocks as Hurricane Irma took a narrower path over Florida than expected, promising less damage. Investors were also seen as taking heart from an easing of worries over North Korea's potential nuclear arsenal, after Pyongyang failed to conduct a missile test to mark its Foundation Day on Saturday, as some had feared.
U.S. stock-market indexes booked their biggest one-day gains in months, while the benchmark S&P 500 ended the session at an all-time high on Monday, in a broad rally led by financials and technology shares. Wall Street optimism was underpinned by Hurricane Irma delivering a less forceful hit on Florida than expected and North Korea failing to conduct another nuclear missile test over the weekend, reviving investor appetite for assets perceived as risky, such as equities.
Investors continued to buy risk assets and sell havens Tuesday, as Asian stocks extended gains while the yen and gold fell further. "The world's financial markets are the very picture of calm and tranquility, where the short sellers are getting squeezed and the bulls are once again dominating," said Chris Weston, chief market strategist at IG Markets in a note to clients.
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