(Bloomberg) -- A gauge of global equities was on track for its longest winning streak this month, reflecting the strength of a recovery fueled by bets that the Federal Reserve will cut interest rates sooner than previously thought.

The MSCI All Country World Index edged higher on Thursday, marking a fifth consecutive gain and cutting its November decline to 0.4%. The gauge had been down nearly 4% for the month just over a week ago. European and Asian benchmarks posted modest moves, with US markets closed for Thanksgiving. S&P 500 futures were steady.

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In another sign that risk appetite is returning, Bitcoin traded above $91,000 for the first time in a week. Gold held steady and the dollar paused a two-day slump.

The moves tracked firming expectations for Fed easing, with money markets now pricing in roughly an 80% chance of a quarter-point cut next month and leaning toward three more by the end of 2026. A week ago, traders were projecting only three cuts in total. It also signals fresh optimism after worries over stretched tech valuations hammered equities earlier in the month.

“We’re building up for a classic year-end rally,” said Daniel Murray, chief executive officer of EFG Asset Management Switzerland. “Our main scenario is one where actually the macro environment continues to hold up well into 2026, the corporate earnings outlook looks pretty decent and you get the added tailwind of the lagged effect of rate cuts.”

Corporate News:

China Vanke Co. was rejected by at least two big local banks as it tried to secure a short-term loan to quell the default fears that have fueled a plunge in its bonds this week, according to people familiar with the matter.

Chinese sports apparel company Anta Sports Products Ltd. is among firms exploring a potential takeover of Puma SE, according to people familiar with the matter.

JPMorgan Chase plans to build a new three-million square feet tower in London that would serve as its principal UK headquarters and could contribute about $13 billion to the local economy over six years, it said in a statement.

A gauge of risk on Oracle Corp.’s debt reached a three-year high in November, and things are only going to get worse in 2026 unless the database giant is able to assuage investor anxiety about a massive AI spending spree, according to Morgan Stanley.

SoftBank Group Corp.’s credit-default swaps climbed to the highest level since April, as investors turned cautious on the tech behemoth’s debt-fueled growth at a time of intensifying global competition.

Some of the main moves in markets:

Stocks

The Stoxx Europe 600 was little changed as of 8:35 a.m. London time

S&P 500 futures were little changed

Nasdaq 100 futures were little changed

Futures on the Dow Jones Industrial Average were little changed

The MSCI Asia Pacific Index rose 0.2%

The MSCI Emerging Markets Index was little changed

Currencies

The Bloomberg Dollar Spot Index was little changed

The euro was little changed at $1.1594

The Japanese yen rose 0.2% to 156.18 per dollar

The offshore yuan fell 0.1% to 7.0781 per dollar

The British pound fell 0.1% to $1.3225

Cryptocurrencies

Bitcoin rose 1.3% to $91,360.42

Ether was little changed at $3,022.15

Bonds

The yield on 10-year Treasuries was little changed at 3.99%

Germany’s 10-year yield was little changed at 2.68%

Britain’s 10-year yield advanced two basis points to 4.44%

Commodities

Brent crude fell 0.2% to $62.99 a barrel

Spot gold was little changed

This story was produced with the assistance of Bloomberg Automation.

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