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Europe's STOXX 600 at record high

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Trump announces AI infrastructure investment

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Netflix ( NFLX ) shares jump 14% after the bell as earnings beat

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Dollar near 2-week low after whipsaw

By Samuel Indyk and Stella Qiu

LONDON, Jan 22 (Reuters) - Global stocks rose on

Wednesday as a flurry of new policies from U.S. President Donald

Trump and robust corporate earnings bolstered investor optimism,

while tariff uncertainty kept the dollar near a two-week low.

Netflix ( NFLX ) shares surged almost 15% in pre-market

trading as the streaming giant added a record number of

subscribers last quarter, enabling it to increase prices for

most service plans in the United States and other countries.

Late on Tuesday, Trump announced that OpenAI, SoftBank and

Oracle will form a joint venture called Stargate and invest up

to $500 billion in artificial intelligence infrastructure.

Shares of SoftBank surged 11% in Tokyo, while Oracle

gained over 8% in pre-market.

That helped lift Nasdaq futures 0.8%. S&P 500 futures

also rose 0.5%.

The threat of U.S. import tariffs lingers in the

background, with Trump again vowing to hit the European Union

with fresh levies and saying his administration was discussing

imposing a 10% tariff on goods from China on Feb. 1.

But there was some relief as many investors and foreign

capitals had expected tariffs to be among a raft of executive

orders Trump signed in his first day in office.

"Trump seems more focused at home and Europe's got a stay of

execution," said Eddie Kennedy, head of bespoke discretionary

fund management at Marlborough.

"Therefore, I think it makes sense to have a little rally."

European shares have so far taken the threat of tariffs in

their stride.

The pan-continental STOXX 600 index rose 0.7% on

Wednesday to a record intraday high. Germany's DAX up

1.1%, is also at a record, having gained almost 7% year-to-date.

Japan's Nikkei jumped 1.6%, tracking broad gains on

Wall Street. MSCI's broadest index of Asia-Pacific shares

outside Japan, however, fell 0.2% as drops in

Chinese and Hong Kong stocks offset broad gains elsewhere.

Chinese blue chips fell 0.9% and Hong Kong's Hang

Seng index lost 1.8%.

That left MSCI's broadest measure of global stocks

up 0.2%.

TREASURY YIELDS STEADY

The temporary tariff relief has supported a pullback in

Treasury yields. The U.S. 10-year Treasury yield,

was little changed in Europe at 4.5704%, having dipped 4 bps on

Tuesday to 4.53%, its lowest since Jan. 2.

They were still up around a percentage point since the

Federal Reserve started cutting rates in mid-September,

reflecting a strong economy and dwindling prospects for large

Fed reductions this year.

Futures imply a total easing of 37 bps from the Fed this

year, with the first rate cut not fully priced in until July.

"With economic activity and job growth still resilient, the

Fed has an opportunity to be very patient while it assesses the

policies of the new administration," said Tim Duy, chief U.S.

economist at SGH Macro Advisors.

The U.S. dollar index was at 107.97, pinned near

a two-week low of 107.86, having finished a choppy session on

Tuesday little changed.

The euro was little changed at $1.0430, just off a

two-and-a-half week top of $1.0435, while the Japanese yen

slipped 0.1% to 155.74 per dollar.

Bitcoin remained just off its record high of

$109,071, having rallied 4% on Tuesday as the top U.S. markets

regulator created a task force to develop a regulatory framework

for crypto assets.

"The road for bitcoin to reach $120,000 is plausible," said

Billy Leung, investment strategist at Global X.

Oil prices were inching higher, having fallen more than

2% on Tuesday on Trump's plans to boost U.S. energy production.

Brent crude rose 0.5% to $79.66 a barrel, while U.S.

crude was up 0.4% at $76.15 a barrel.

Gold also resumed its climb to its previous record high.

Spot prices rose 0.5% to a 2-1/2 month high of $2,759 per

ounce, having jumped 1.4% on Tuesday.