Global equity markets hit record highs for the second straight session, driven by bullish sentiment on Wall Street as investors anticipate a likely interest rate cut from the U.S. Federal Reserve. The MSCI All Country World Index rose to 954.21, up 0.60% from the previous day’s peak of 952.83.

The S&P 500, Nasdaq, and Dow Jones Industrial Average all scored record highs, with materials, healthcare, and consumer discretionary sectors leading gains. The Dow rose 1%, the S&P 500 climbed 0.32%, and the Nasdaq added 0.14%.

European stocks reached two-week highs, Japan’s Nikkei broke the 43,000 level for the first time, and MSCI’s Asia-Pacific shares outside Japan rose 1.54%. Traders are pricing in a 94% chance of a Fed rate cut in September, up from 57% a month ago.

U.S. Treasury bond prices rose, with the 2-year note yield dropping 5.2 basis points to 3.679% and the 10-year note yield falling 5.5 basis points to 4.238%. The dollar weakened against the yen and Swiss franc, while the euro rose to $1.1704.

Oil prices fell ahead of Trump’s meeting with Putin, with Brent crude futures settling at $65.63 a barrel and U.S. West Texas Intermediate crude futures settling at $62.65. Spot gold rose to $1,356.49 an ounce.

Read more at Yahoo Finance: World equities hit record highs, US yields fall on optimism for Fed rate cut