Trade conflicts that had stocks gyrating early in the week have since cooled off. China is said to be planning to cut the average tariff rate it charges on imports from the majority of its trading partners as soon as next month. On Wednesday, Premier Li Keqiang his government wouldn’t devalue the currency in order to boost its exports amid the trade war.

The yield on 10-year Treasuries held above 3%, near its high for the year. The greenback weakened after a report said the US and Canada are unlikely to reach a deal on Nafta in Washington this week; jobless data was solid but did little to change the mood. The pound surged after August retail sales came in higher than expected.

“The dollar has generally strengthened on tariff fears, especially against EM currencies,” Pravit Chintawongvanich, an equity derivatives strategist at Wells Fargo Securities, said by phone. “What you’re seeing today is the opposite of that. EM equities and DM equities ex-US are catching up. Today is a continuation of the risk-on theme we’ve seen in the last couple days.”

Equity markets have so far remained resilient in the face of rising bond yields, suggesting investors are comfortable with the outlook for corporate earnings and global growth even as borrowing costs rise along with trade tensions.

Ahead of the Fed meeting next week some other central banks topped the agenda on Thursday, with Norway’s policy makers raising interest rates for the first time in seven years as the SNB kept deposit rates unchanged.

Elsewhere, emerging-market assets continued to rally off the lows seen earlier this month, with the rand among the leading developing-world currencies as the South African Reserve Bank held its key interest rate at a two-year low. Norway’s krone retreated as investors saw the central bank’s rate trajectory as dovish, while the Swiss franc strengthened.

West Texas crude dropped after US President Donald Trump  resumed his criticism of OPEC on Twitter.

Here are some key events coming up this week:

The Organisation of Petroleum Exporting Countries and its allies meet in Algiers this weekend. These are the main moves in markets:

Stocks

The S&P 500 Index gained 0.8% to its highest on record. The Dow Jones Industrial Average rose 1%, also reaching a record high. The Stoxx Europe 600 Index jumped 0.7%. The UK’s FTSE 100 Index climbed 0.5%. The MSCI Emerging Market Index jumped 0.9% to the highest in more than two weeks.

Currencies

The Bloomberg Dollar Spot Index decreased 0.4% to the lowest in eight weeks. The euro climbed 0.9% to $1.1779. The British pound rose 1% to $1.3271. The Japanese yen sank 0.1% to 112.41 per dollar.

Bonds

The yield on 10-year Treasuries rose less than one basis point to 3.07%, the highest in more than four months. Germany’s 10-year yield decreased two basis points to 0.47%. Britain’s 10-year yield fell two basis points to 1.585%.

Commodities

The Bloomberg Commodity Index rose 0.6%, approaching a six-week high. West Texas Intermediate crude fell 0.4% to $70.80 a barrel. LME copper fell 0.6% to $6 082.00 a metric ton. Gold rose 0.3% to $1 207.28 an ounce.

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