Charting the Markets: Global Stocks Enjoy Best Run Since April

Lower for longer. That's the view as summed up by Goldman Sachs – global central banks will have to maintain loose monetary policy, with a chance the Federal Reserve will delay its planned rate hike well into next year, or even later. Riskier assets continue to rise with the MSCI All Country World Index gaining for a fifth day, the longest stretch since April. The winning streak of Asia stocks has also reached five days, also the best since April, while the five-day run of the S&P 500 Index is the longest since December. European stocks swungs between gains and losses at then open.

Indonesia's rupiah surged as much as 2 percent against the U.S. dollar, the most since May 2012, as riskier assets benefited from the assumption the Fed will keep interest rates at a record low until at least March. The odds of a hike in 2015 are 35 percent, according to Fed fund futures. A month ago, the probability stood at 58 percent. Emerging markets currencies have just come off the worst quarter on record on prospects for higher U.S. interest rates, a slowing Chinese economy and slumping commodity prices. Franklin Templeton's Michael Hasenstab, who oversees 30 funds with $143 billion in assets says the recent sell-off in emerging market assets has opened up opportunities not seen for decades.