Stocks mixed as investors assess implications of Donald Trump tax proposal

A global bond rout deepened amid growing optimism over the health of the U.S. economy and President Donald Trump’s taxcut plan. Stocks were mixed as investors began to assess the implications of the much-anticipated tax proposal.

Bonds from Germany to Japan continued to sell off and Treasury yields reached the highest level in almost three months as investors raised their expectations for another U.S. rate increase this year. The dollar took a breather after its recent surge, which had carried it to a six-week high. The euro was set for its first advance in four days as a regional economic confidence index climbed to a decade-high. European stocks were steady, holding onto recent gains as rising banks balanced retailers. Gold hovered near a onemonth low.

Euro-area confidence climbed more than forecast in September, data showed, giving European Central Bank policy makers more positive news to consider as they decide on the future of their bond-buying program. But the policy outlook for the world’s biggest economies won’t be the only thing on investors’ minds: data is also due on U.S. growth and spending, end-of-quarter volatility may be near and major markets including China will shut next week for a holiday.

The Stoxx Europe 600 Index dipped less than 0.05 percent as of 11:31 a.m. in London, the first retreat in more than a week. The MSCI All-Country World Index climbed less than 0.05 percent. The U.K.’s FTSE 100 Index declined less than 0.05 percent. Futures on the S&P 500 Index fell less than 0.05 percent.

West Texas Intermediate crude gained 1.2 percent to $52.75 a barrel, the highest in more than five months. Gold climbed 0.1 percent to $1,284.18 an ounce. Copper increased 0.5 percent to $6,468.50 per metric ton, the highest in more than a week on the largest climb in more than two weeks.