Many European bourses are boasting their best month ever with France up 21% and Italy almost 26%. The MSCI measure of world stocks is up 13% for November so far, while the S&P 500 has climbed 11% to all-time peaks.
November looks set to be an awesome month for equity investors with Europe leading the charge at a country/regional level, said NAB analyst Rodrigo Catril.
However, we are now in a seasonally strong time of year and investors are yet to fully discount the potential for a very strong recovery next year in growth and profits as stimulus combines with vaccines.
The dollar has even declined against the Japanese yen, a safe-haven of its own, losing 0.5% in November to reach 104.03 yen, though it remains well above key support at 103.16.
One major casualty of the rush to risk has been gold, which was near a five-month trough at $1,789 an ounce having shed 4.7% so far in November.
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The euro has caught a tailwind from the relative outperformance of European stocks and climbed 2.7% for the month so far to reach $1.1964. A break of the September peak at $1.2011 would open the way to a 2018 top at $1.2555.
Some profit-taking set in early Monday and pulled Brent crude futures back 53 cents to $47.65, while U.S. crude eased 30 cents to $45,23 a barrel.
E-Mini futures for the S&P 500 edged up another 0.1% in early trade, and NASDAQ futures 0.4%.
Markets are overbought and at risk of a short term pause, said Shane Oliver, head of investment strategy at AMP Capital.
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The surge in stocks has put some competitive pressure on safe-haven bonds but much of that has been cushioned by expectations of more asset buying by central banks.
Oil, in contrast, has benefited from the prospect of a demand revival should the vaccines allow travel and transport to resume next year.
Federal Reserve Chair Jerome Powell testifies to Congress on Tuesday amid speculation of further policy action at its next meeting in mid-December.
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Cyclical recovery shares including resources, industrials and financials were likely to be relative outperformers, he added.
SYDNEY World shares were set to seal a record-busting month on Monday as the prospect of a vaccine-driven global economic recovery next year and yet more free money from central banks eclipsed concerns about the pandemic in the near-term.