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Global markets rallied Tuesday 12 August as US inflation data and a 90-day extension to the US-China trade truce boosted confidence in the economic outlook. The S&P 500 and Nasdaq closed at record highs, Japan’s Nikkei 225, and Australia’s ASX 200 also set new peaks.

Stocks climbed on Monday and the dollar lost ground as investors ramped up bets on a September interest rate cut following disappointing US jobs data. The market is now pricing in at least two rate cuts by year-end.

On Wednesday, 30 July, in the fifth Fed meeting of 2025, the FOMC kept rates unchanged at 4.25%-4.5%. Following the decision, major Wall Street indices traded mixed. Explore more.