Global equity markets surged on Monday as easing recession fears and hopes of a less aggressive Federal Reserve buoyed sentiment, while the likelihood of more jumbo interest rate hikes in Europe pushed the euro to a nine-month peak against the dollar. Gains in chipmakers boosted beaten-down U.S. tech stocks as the market priced in a 95.8% probability of the Fed raising rates by 25 basis points to a range of 4.50% to 4.75% on Feb. 1.
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