Major global stock markets surged after U.S. consumer price inflation rose less than expected in September, strengthening hopes for earlier interest-rate cuts. The S&P 500 and Nasdaq Composite both reached record closes. European shares along the STOXX 600 edged higher amid the positive momentum. The U.S. dollar remained largely unchanged, while Treasury yields dipped slightly. Analysts say the rally reflects relief over inflation and an upbeat earnings backdrop, though they caution that breadth remains narrow and risks around geopolitical-trade tensions persist.