Global stocks advance as oil retreats before US inflation data

Global equities gained on November 10 as cheaper oil eased inflation worries before the US consumer price report. The oil decline followed President Donald Trump's statement that he plans to delay further military strikes against Iran, raising investor hopes for possible peace talks.

Brent futures lost more than 1.5%, briefly trading below $90 a barrel, a level not seen since late August. Europe's STOXX 600 advanced 0.9%, leaving it within 1% of its record high.

Asian benchmarks also rose: South Korea's KOSPI added 4.4% and Japan's Nikkei gained 2.9%. MSCI's broad Asia-Pacific share index increased 2%, recovering further from a seven-month low reached the previous week. S&P 500 futures were up 0.1%.

The gains came after a sell-off following the Democrats' sweeping US midterm election victory, which fueled concerns about tighter regulation affecting artificial intelligence investments. Investors were also weighing spending on AI infrastructure and its profitability ahead of technology earnings reports, including CoreWeave's.

On monetary policy, Fed Governor Christopher Waller called for higher short-term borrowing costs even if inflation slowed, and said a half-point increase should be considered if price pressures worsen. CME FedWatch showed traders assigning an almost certain probability to a December increase of 25 basis points, compared with 74% a week earlier.

The two-year Treasury yield increased 6.5 basis points to 4.611%. The dollar was little changed against the yen and euro ahead of the inflation figures, scheduled for 8:30 a.m. ET.