World stocks head for record 12th month of gains

World stocks headed for a record twelfth month of gains on Tuesday, as a 5 1/2-month high in European stocks and records elsewhere underscored one of the most robust bull markets on record.

Europe’s latest rally came as figures from the once-fragile euro zone showed its growth now running at 2.5 percent year-on-year and unemployment at its lowest since early 2009 at under 9 percent. 

It helped Europe’s main bourses <0#.INDEXE> extend modest early gains[.EU] ahead of what was expected to be a higher start for Wall Street and Asia had mostly risen despite some disappointing industrial data from China.

Focus also remained on the dollar which was set for its biggest monthly rise since February, having been knocked back slightly on Monday by fresh political unease [/FRX]. 

Federal investigators probing Russian interference in the 2016 U.S. election charged President Donald Trump’s former campaign manager, Paul Manafort, and another aide, Rick Gates, with money laundering. 

Italy’s borrowing costs however were set to end October with their biggest monthly drop in more than two years after a surprise ratings upgrade, the extension of the ECB’s bond buying program and the approval of a new electoral system. 

Italy’s benchmark 10-year bond yield had fallen to its lowest level in around 10 months before the data at 1.837 percent IT10YT=TWEB. It is down over 30 basis points this month, which is the biggest move since July 2015.

Shares in heavyweight oil major BP (BP.L) jumped more than 3 percent to their highest since July 2014, after third quarter profits beat expectations and it announced a share buyback program.

Ryanair (RYA.I), hurt recently by canceled flights, climbed more than 5 percent after it maintained its full-year profit guidance, though BNP Paribas (BNPP.PA) sank 3 percent after its results disappointed. 

So far, more than 40 percent of MSCI Europe companies have reported results for the third quarter, of which 65 percent have either met or beaten expectations, according to Thomson Reuters I/B/E/S data.

Financials and tech are sectors standing out for their large proportion of beats. [.EU]