Donald Trump’s unlikely rise to power is providing a shot in the arm for global financial markets, with stocks and commodities rallying on optimism that his fiscal-stimulus plans will boost the global economy. European equities joined a global rally as they headed for their biggest four-day jump since July. Banks surged on prospects of lighter regulation for their U.S. operations and higher lending rates, and miners gained on increased metals prices. Copper rose the most in more than three years on Trump’s intention to expand infrastructure spending. Currencies of most commodity-producing nations advanced, while Bloomberg’s dollar index reversed losses. Government bonds in Europe and Asia slid as the inflation outlook lifted, while corporate-debt sales resumed in Europe as markets stabilized. There’s been a U-turn in global markets since the shock win for Trump triggered a knee-jerk selloff in equities and rush into haven assets. European shares Wednesday staged their biggest turnaround since March as investors took comfort in his acceptance speech. They are starting to look beyond Trump’s campaign rhetoric, focusing instead on his promises to cut taxes and at least double Hillary Clinton’s estimated $275 billion, five-year plan for roads, airports and bridges. “It’s a relief rally of the certainty of the outcome of the election and after the conciliatory tone that Trump took,” said Nick Skiming, a fund manager at Jersey, Channel Islands-based Ashburton Ltd. His firm oversees $10 billion. “We know from Trump’s policies that he wants to reduce taxes and embark on fiscal spending and if he gets those approved, that will be expansionary for the U.S. economy in the short term.” Stocks The Stoxx Europe 600 Index gained 1 percent as of 11:17 a.m. London time, with lenders reaching their highest levels since March. UBS Group AG soared 7.6 percent, set for its biggest surge since 2012. Among Trump’s policies were a pledge to repeal the Dodd-Frank Act’s strict capital requirements on banks and a proposed temporary moratorium on new financial regulations. Gains in commodities helped send a gauge of miners to its highest since June. French media company Vivendi SA jumped 10 percent, and Germany’s Siemens AG rose 4.7 percent after they posted profit that beat projections. S&P 500 Index futures climbed 0.8 percent, indicating U.S. equities will extend their advance into a fourth day. Billionaire Carl Icahn said he left President-elect Trump’s victory party to bet about $1 billion on U.S. equities. The investor said that the economy still faces challenges but Trump will be “a positive, not a negative” for the country. While the focus will remain on the unfolding political landscape, investors may also look to data on initial jobless claims and earnings from companies including Macy’s Inc. and Ralph Lauren Corp. for indications of the health of the world’s biggest economy. The MSCI Asia Pacific Index climbed 2.7 percent, the most since March. Japan’s Topix index jumped 5.8 percent, after sinking 4.6 percent in the last session, and Australia’s benchmark rallied by the most in five years. In Hong Kong, Jiangxi Copper Co., China’s second-largest producer by output, rose 14 percent. Russian aluminum maker United Co. Rusal Plc jumped by the most on record. Commodities Industrial metals rose as Goldman Sachs Group Inc. said Trump’s promise to revive American infrastructure means commodities used to build everything from airports to bridges will benefit under his presidency. Copper surged 4.5 percent to $5,658.50 a metric ton, the biggest gain since May 2013, while zinc advanced 2.1 percent and nickel added 2 percent. Gold climbed as traders speculated on whether the Federal Reserve will raise interest rates when policy makers meet next month. Bullion rose 0.2 percent to $1,279.85 an ounce and silver gained 1.4 percent. Oil was little changed after three days of gains. The International Energy Agency said prices may retreat amid “relentless global supply growth” unless the Organization of Petroleum Exporting Countries enacts significant output cuts. West Texas Intermediate fell less than 0.1 percent to $45.25 a barrel and Brent was 0.8 percent higher at $46.71. Bonds European debt fell after about $337 billion was wiped off bond markets on Wednesday as Trump’s election sparked concern that his plan to boost economic growth will lead to a surge in inflation. The yield on German 10-year bonds climbed seven basis points to to 0.27 percent, while that on similar-maturity U.K. gilts added seven basis points to 1.33 percent. Ten-year U.S. Treasury yields rose two basis points to 2.07 percent. The U.S. is selling $15 billion of 30-year Treasuries at an auction on Thursday. Bonds of that maturity led Wednesday’s selloff, with yields climbing 23 basis points. “Trumpeconomics implies a likely faster pace of Fed rate hikes next year,” said Robert Rennie, head of financial markets strategy at Westpac Banking Corp. in Sydney. “It is clear that this wave of populist vote has reflected, in part, dislike of tight fiscal, easy monetary policy. If we are now seeing a shift in the U.S., then that means markets will have to reprice this.” Odds for a Fed interest-rate hike in December climbed to 88 percent, based on U.S. overnight indexed swaps that trade 24 hours a day, after plunging below 50 percent while the outcome of the election unfolded. San Francisco Fed President John Williams said Wednesday that the argument for gradual interest-rate increases “still makes sense to me.” Australia’s government bonds joined the global selloff, lifting the 10-year yield by 28 basis points to 2.50 percent. U.S. agricultural giant Bunge Ltd., gas pipeline operator Nederlandse Gasunie NV and Russian gas exporter Gazprom PJSC all offered bonds in euros, according to separate people familiar with the sales, who asked not to be identified as they aren’t authorized to discuss the plans publicly. Issuance of corporate bonds in the single currency almost ground to a halt in the days leading up to the U.S. election. The cost of insuring financial companies’ senior debt against default fell by the most in three months. The Markit iTraxx Europe Senior Financial Index of credit-default swaps dropped three basis points to 93 basis points. Currencies Currencies of commodity-producing nations were the best performers in foreign-exchange markets, with Australia’s dollar surging 1.3 percent and Norway’s krone appreciating 0.6 percent. Russia’s ruble strengthened 0.5 percent, leading gains among currencies in developing economies as investors speculated Trump will mend ties with Moscow. That could improve the outlook for loosening sanctions imposed after Russia’s annexation of Crimea in 2014. The Bloomberg Dollar Spot Index reversed losses to advance 0.3 percent, after rallying 1.4 percent on Wednesday.  “A Trump presidency is dollar bullish because Trump’s economic policies are inflationary and will force the Fed to raise the Funds rate at a faster pace than otherwise,” said Elias Haddad, a senior currency strategist at Commonwealth Bank of Australia. Mexico’s peso was 0.1 percent weaker after sinking 7.7 percent on Wednesday. Trump has pledged to renegotiate the North American Free Trade Agreement and curb illegal immigration by building a wall along the U.S.’s southern border. The yuan slipped to a six-year low amid concern Chinese exports will also suffer. Trump has called China a “grand master” at currency manipulation and has threatened tariffs of up to 45 percent on imports from the Asian nation, a step that Commonwealth Bank of Australia estimated would cut Chinese shipments to the the U.S. by 25 percent in the first year.