Stocks positive

On Monday stocks kicked off the penultimate week of the year on a positive note after a Republican agreement on the shape of U.S. tax cuts aimed at boosting growth in the world’s largest economy. The Stoxx Europe 600 Index rose for the first time in three sessions as real estate, automakers and technology stocks led gains. Earlier, equity benchmarks in Tokyo, Hong Kong and Sydney climbed after the S&P 500 Index and other American gauges closed at records on Friday. Most European bonds rose with Portuguese debt outperforming after Friday’s upgrade from Fitch Ratings. Sterling advanced before U.K. Prime Minister Theresa May sets out her plan for a proposed Brexit transition period. The euro strengthened after two days of declines.

Investors continue to focus on the progress of U.S. tax reform as the year winds to a close. Midweek votes in the House and Senate are planned on the legislation that will reduce corporate and individual tax rates. Lawmakers are aiming for the bill to land on President Donald Trump’s desk for a signature before Christmas.

The Stoxx Europe 600 Index climbed 0.7 percent as of 10:34 a.m. London time. UK.’s FTSE 100 Index gained 0.3 percent to the highest in almost six weeks. Germany’s DAX Index rose 1.2 percent to the highest in almost six weeks. Japan’s Nikkei 225 Stock Average climbed 1.5 percent to the highest in a week. The MSCI Asia Pacific Index jumped 0.8 percent to the highest in almost three weeks. The MSCI Emerging Market Index rose 0.5 percent to the highest in almost three weeks. Futures on the S&P 500 Index increased 0.3 percent to 2,690.50, the highest on record.

West Texas Intermediate crude rose 0.7 percent to $57.68 a barrel, the highest in a week. Gold increased 0.1 percent to $1,258.18 an ounce, the highest in more than a week. Copper declined 0.4 percent to $3.12 a pound.