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Wall Street Breakfast: Global Market Rally Continues
Dec. 19, 2014 6:31 AM ET | Includes: ADK, AMX, DD, GOOG, GOOGL, OIBR, PBR, QLGC, QQQ, RGS, SNE, SPY, SSNGY, SSNLF, TEF, TI, TRP, TSU, VIV, XRX

Economy
World markets are ending their last full week of the year on a high, as Wall Street boasted its biggest two-day advance since late 2011 and European shares headed for their strongest week of the year. The gains came amid the Fed's "patient" approach to raising interest rates and as investors began to see the advantages of lower oil and fuel costs that should ultimately help global growth. Brent crude is above the key $60 mark, up 1.3% at $60.04 a barrel. WTI is also up 1.3% at $54.83.

Asian shares also continued their weekly rise earlier following similar sentiment. Concluding its last policy meeting of the year, the BOJ kept monetary settings unchanged, but offered a more upbeat view on the economy. China has revised up the estimated size of its economy for 2013 by 3.4% to $9.6T, but said the revision would not affect economic growth this year, which has been close to 7.4% for most of 2014.

Russia's ruble strengthened today after Finance Minister Anton Siluanov confirmed his ministry had sold foreign currency and on expectations that exporters will step up dollar sales. Siluanov said he was also certain that the ruble would firm at the beginning of next year. Russia's central bank has spent over $80B defending the currency in 2014 amid a collapse in oil prices and Western sanctions over Ukraine. The ruble is 2.4% stronger against the dollar at 60.14.

Giving banks additional time to sell stakes in hedge and private-equity funds covered by the Volcker rule, the Fed has announced that it will extend the compliance period from 2015 to 2017. The Fed had previously delayed the measure for collateralized loan obligations, but has now expanded the scope of the extension for other types of funds.
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