European stocks gain the most in more than two weeks

On Thursday European stocks gained the most in more than two weeks on signs the global economic expansion that pushed benchmarks to records in 2017 remains intact. The dollar slipped and U.S. Treasuries declined as minutes of last month’s Federal Reserve meeting showed policy makers continue to back a “gradual approach” to raising interest rates.

Builders and automakers led the advance in Europe, with most of the sectors in the Stoxx Europe 600 Index showing green. The MSCI Asia Pacific Index headed for a record close after benchmarks in Tokyo closed at their highest in more than a quarter century. Core European bonds pared Wednesday’s gains and the euro advanced toward a three-year high as data showed economic activity in the euro-area accelerated to the fastest pace in almost seven years.

Meanwhile, commodities extended a record run of gains as oil climbed from the highest close in three years. South Africa’s rand led an advance in emerging market currencies.

Investor sentiment in the first week of the New Year has been buoyed by bullish economic data from the U.S., to Europe to China. As a result, many stocks and commodities have extended gains from 2017, and bond yields have begun to tick higher. Investors will be keeping a nervous eye on volume following the introduction of a slew of new regulations across Europe.

The Stoxx Europe 600 Index gained 0.5 percent as of 10:29 a.m. London time and the biggest rise in two weeks. The MSCI AllCountry World Index advanced 0.4 percent to the highest on record. The U.K.’s FTSE 100 Index gained 0.3 percent. Futures on the S&P 500 Index increased 0.1 percent to the highest on record.

West Texas Intermediate crude advanced 0.3 percent to $61.84 a barrel, the highest in more than two years. Gold dipped less than 0.05 percent to $1,312.94 an ounce.