By Andreea Papuc and Olivia Konotey-Ahulu, Bloomberg News–

Equities rose globally alongside U.S. index futures after President Donald Trump said he’s considering a tax cut on capital gains. Gold slipped.

Carmakers including BMW AG and Renault SA jumped at the opening, helping pull the Stoxx Europe 600 Index higher. Momentum carried forward from Asia, where a benchmark gained the most in a week, and from the U.S., after coronavirus hospitalizations fell in the most populous states, even as global cases topped 20 million. S&P 500 futures rose, putting the benchmark on course to approach its all-time high from February.

The dollar held two days of gains against its major peers, while the euro was steady before the release of Germany’s ZEW survey. Treasuries and European bonds were little changed. The risk-on sentiment weighed on gold.

Markets are taking some comfort from Trump’s comment on potential tax cuts, falling hospitalizations in California and New York, and from strong Chinese economic data. Still, while it took six months after the virus first surfaced in China to reach 10 million infections, the spread has steadily accelerated, doubling in six weeks.

“The nature of the activity rebound will depend on the path of the outbreak, delivery of policy response and potential changes to consumer and corporate behaviors,” strategists at BlackRock Investment Institute, led by Global Chief Investment Strategist Mike Pyle, said in a note. “Success will not just be about restarting the economy and containing the virus. We are moderately pro-risk.”

Here are some key events coming up:

Earnings include E.ON, Deutsche Telekom, Carlsberg, Tencent and JD.com.New Zealand’s central-bank policy decision is due on Wednesday.China releases a slew of data for July on Friday, including industrial production and retail sales.U.S. retail sales are expected Friday, with a smaller increase forecast for July than in the prior two months.

These are the main moves in markets:

Stocks

The Stoxx Europe 600 Index increased 1.5% as of 8:22 a.m. London time.Futures on the S&P 500 Index advanced 0.4%.Germany’s DAX Index increased 1.9%.The MSCI Asia Pacific Index advanced 1%.

Currencies

The Bloomberg Dollar Spot Index was little changed.Sterling was little changed at 0.8981 per euro.The Japanese yen weakened 0.2% to 106.20 per dollar.The Turkish lira was little changed at 7.2864 per dollar.

Bonds

The yield on 10-year Treasuries climbed less than one basis point to 0.58%.The yield on two-year Treasuries was unchanged at 0.13%.Britain’s 10-year yield gained one basis point to 0.14%.Germany’s 10-year yield increased less than one basis point to -0.52%.

Commodities

West Texas Intermediate crude climbed 0.7% to $42.25 a barrel.Gold weakened 1.1% to $2,004.78 an ounce.Silver weakened 3.1% to $28.23 per ounce.LME zinc sank 0.3% to $2,389 per metric ton.

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