Global shares reached a new record high as markets anticipated the U.S. Federal Reserve’s upcoming monetary policy easing cycle. Gold prices surged to a record high as the U.S. dollar weakened. Traders expect a 25 basis-point cut from the Fed at its policy meeting, with a near 100% probability, according to CME’s FedWatch tool.

MSCI’s All-Country Index climbed to 977.09, up 0.50%, surpassing last week’s record high. Wall Street saw gains across all three main indexes, with the S&P 500 and Nasdaq hitting fresh intraday record highs. Communication services, consumer discretionary, and technology stocks saw gains, while consumer staples, healthcare, and materials equities faced losses.

The Dow Jones Industrial Average rose 0.11% to 45,883.45, the S&P 500 rose 0.47% to 6,615.28, and the Nasdaq Composite rose 0.94% to 22,348.75. European stocks rose 0.42%, reaching a three-week high, with luxury and defense stocks boosting the main index. U.S. President Donald Trump criticized the Fed, calling Powell incompetent and harmful to the housing market.

The Bank of Canada is expected to cut rates this week, while the Bank of Japan and Bank of England are anticipated to maintain steady rates. The U.S. dollar weakened against its peers ahead of the Fed’s expected rate cut. The dollar index fell 0.36% to 97.31, with the euro rising against the dollar despite Fitch’s downgrade of France.

The U.S. and China reached an agreement for U.S.-controlled ownership of TikTok, to be confirmed in a call between Trump and Xi Jinping. Nvidia’s stock finished flat after China’s market regulator found the company violated anti-monopoly laws. Oil prices rose due to Ukrainian drone attacks on Russian refineries, with Brent crude settling at $67.44 and WTI crude at $63.30. Gold prices hit a new record high, reaching $3,680.87 an ounce.

Read more at Yahoo Finance: Stocks hit fresh record highs, dollar falls ahead of Fed move