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Global equities rise as Wall Street extends gains; dollar weakens

➤ U.S. stocks set to open higher after yesterday's late rally.

➤ European, Chinese equities rise; Japanese stocks end 2018 in the red.

➤ Japanese bond yields dip below zero; U.S. Treasurys broadly stable.

➤ Yen leads gain among dollar's major peers.

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Wall Street looks set to open in the green this morning, building on gains from yesterday's volatile trading session, while Asian and European markets largely advanced as they headed to the final sessions of 2018.

U.S. equities reversed losses in afternoon trading yesterday to close with gains, with the S&P 500 index up 0.86% and the Nasdaq Composite index rising 0.38%. Futures for the S&P 500 rose 0.65% as of 5:45 a.m. ET while those for the Nasdaq 100 gained 0.48%.

Asian stocks largely tracked the gains, with Hong Kong's Hang Seng index up 0.10% and the Shanghai SE Composite index gaining 0.44%, though the latter is still down more than 24% on the year. Japanese stocks, meanwhile, ended 2018 in the red, with the Nikkei 225 closing 0.31% lower and recording a year-to-date drop of more than 12%.

European markets also advanced, with the FTSE 100 rising 1.81% and the eurozone blue-chip Euro Stoxx 50 index gaining 1.77%. The wider Stoxx Europe 600 index rose 1.80%.

The Japanese yen, traditionally considered a safe-haven currency, rose 0.59% against the dollar amid volatility in the equity markets. Sterling rose 0.33% against the dollar to near $1.27 while the euro gained 0.31% amid a wider weakness in the dollar, as a measure U.S. consumer confidence dropped in December.

In the bond markets, yields on 10-year Japanese government bonds briefly dipped into negative territory in afternoon trading in Tokyo before settling at zero percent. A summary of opinions from the Bank of Japan's monetary policy meeting last week quoted one monetary board member as calling for long-term yields to "be allowed to temporarily turn negative."

U.S. Treasury yields, meanwhile, dipped 1 basis point to 2.76%. Brent crude oil rose 1.32% to $52.85 per barrel on the ICE Futures Exchange.

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The day ahead:

8 a.m. ET – Germany consumer price index (Econoday consensus: 0.3% month over month, 1.9% year over year)

8:30 a.m. ET – U.S. international trade in goods (Econoday consensus: $-75.7 billion)

8:30 a.m. ET – U.S. retail inventories

8:30 a.m. ET – U.S. wholesale inventories (Econoday consensus: 0.3%)

9:45 a.m. ET – U.S. Chicago purchasing manufacturers' index (Econoday consensus: 62.4)

10:00 a.m. ET – U.S. pending home sales index (Econoday consensus: 1.5%)

10:30 a.m. ET – U.S. EIA natural gas report