World Shares Rise on US Budget Deal Hopes

(New York) – Global stocks have advanced to their highest levels since September on signs of compromise in U.S. talks to stop automatic tax hikes and spending cuts that could hurt the economy next year. With confidence rising that lawmakers would avert the “fiscal cliff,” investors have started shifting funds to stocks and the euro and pulled away from assets traditionally viewed as safe harbors like bonds, gold and the U.S. dollar.
The euro hit a 7-1/2 month high against the greenback. Whereas Wall Street rallied, putting the S&P 500 on track for its best two-day run in a month.