* MSCI's all-country world index hits record high
* European shares approach nine-month peak before pulling back
* Wall Street futures fall
* Risk-sensitive currencies supported, bitcoin near record
* 2020 asset performance http://tmsnrt.rs/2yaDPgn
* Global stock market outlook: https://tmsnrt.rs/3nT0J5r
By Tom Wilson
LONDON, Nov 25 (Reuters) - Global shares on Wednesday hit record highs and were on course for their best month ever, with investors cheering the prospect of a smooth handover of power after the U.S. presidential election and confident COVID-19 vaccines would soon be ready.
President-elect Joe Biden on Tuesday introduced his foreign policy and national security team, after President Donald Trump cleared the way to prepare for the start of his administration.
Reports that Biden planned to nominate former Federal Reserve Chair Janet Yellen as Treasury Secretary, potentially easing the passage of a fiscal-stimulus package to counter COVID-19 damage, also cheered markets. renewed demand for shares pushed MSCI's broadest gauge of world stocks .MIWD00000PUS to a record high of 622.12. It was last trading flat, on course for a record monthly gain.
The Euro STOXX 600 TOXX> made early gains to near nine-month highs before pulling back 0.3%, with autos .SXAP and banks .SX7P weighing. for the S&P 500 EScv turned lower ahead of the U.S. Thanksgiving holiday. On Tuesday, the Dow Jones Industrial Average on Tuesday on Tuesday had cracked 30,000 for the first time. world is going to look a lot better this time next year than it does now, and that's what equity markets are reflecting," said Mike Bell, global market strategist at J.P. Morgan Asset Management. "The fact is the outlook has dramatically changed in the last month."
The rally for global stocks is set to continue for at least six months, a Reuters poll forecast on Wednesday. around vaccine developments and expectations of a recovery in corporate confidence and profitability should also push European stocks to near record highs next year, a separate Reuters survey found. Japan's Nikkei .N225 rose to a 29-year high, though analysts and fund managers polled by Reuters foresaw a correction in the near term. index of Asia-Pacific shares outside Japan .MIAPJ0000PUS fell 0.4%, with Chinese shares capped by worries about rising debt defaults. THE PAIN
Investors bet that forthcoming virus vaccines would help the industries hit hardest by the pandemic, from tourism to energy.
Global energy shares .MIWD0EN00PUS have risen almost 34% so far this month, on track for their best month on record as crude prices rally.
Oil prices held near their highest levels since March on the improved global economic outlook. Brent futures LCOc1 were up 1.2% to $48.42 per barrel, touching a high last seen in March.
Risk-on moves played out in bond markets, too. Yields on benchmark euro zone debt rose from record lows, with German Bund yields DE10YT=RR edged to near their highest levels in almost a week. Yields rise when bond prices fall.
U.S. Treasuries US10YT=RR were pressured, too, as investors bet any fiscal stimulus package in Washington would bring more debt.
Riskier currencies gained against safe havens, though the under-pressure dollar showed resilience as the morning went on.
The Australian dollar AUD=D3 moved to its highest since early September, already helped by investors unwinding bets on additional monetary easing.
Against a basket of six currencies, the dollar =USD turned positive, gaining 0.1% at 92.224 after falling 0.4% on Tuesday.
The dollar is still expected to fall further as progress on a vaccine and the expected choice of Yellen as the next U.S. Treasury secretary relieved two big uncertainties for investors.
The euro EUR=EBS fell against the dollar, and was last down 0.1% at $1.18835.
Bitcoin edged up 0.8% to $19,1420 BTC=BTSP , staying within sight of its record peak of $19,666 after notching gains of nearly 40% in November alone.
<^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ World FX rates in 2020
http://tmsnrt.rs/2egbfVh 2020 asset performance
http://tmsnrt.rs/2yaDPgn Global markets enjoying November reign
https://tmsnrt.rs/2J7DYvR Reuters Poll - Global stock market outlook
https://tmsnrt.rs/3nT0J5r
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>