London — Stocks, bonds and commodities were all on a roll on Thursday, as market bulls scented a softening in the US Federal Reserve’s confidence on inflation that promised to keep US interest rates low for longer. MSCI’s 47-country All World share index was cheering its latest record high after Wall Street had set its own fresh peak and Asian stocks had jumped to their highest in almost a decade. European bourses took longer to warm up after a lung cancer drug-test failure sent pharmaceutical giant AstraZeneca sprawling, and disappointing Deutsche Bank results weighed on Germany. But the region eventually managed a modest 0.2% rise. The latest rush for risk came after the Fed left US rates unmoved, as expected, but tweaked its wording on inflation, which saw the dollar subside to a two-and-a-half year low against the euro and a 13-month trough against a broader set of top currencies. The market seized on the fact that the central bank noted both overall and core inflation had decli...
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