Global equities had the biggest rally in three months, the pound strengthened the most since 2008 and Treasuries fell on signs the campaign for the U.K to stay in the European Union was gaining momentum before this week’s referendum.
The S&P 500 Index climbed the most in four weeks, though gains faded in the final hour of trading amid speculation the rally had gone too far ahead of Thursday’s vote and testimony tomorrow by Federal Reserve Chair Janet Yellen. The Stoxx Europe 600 Index notched its biggest gain since August and emerging-market shares rallied. Sterling jumped 2 percent and Spanish bonds gained. Oil advanced with industrial metals, while gold fell a second day.
