Major stock markets mostly rose Monday as investors geared up for an expected cut to US interest rates and clues over how many more reductions, if any, could happen next year as inflation stays high.

A cut to American borrowing costs Wednesday is almost certain following comments from key decision-makers and data pointing to a weak US labour market.

However, after US inflation data Friday suggested prices remain elevated, chances of several more reductions to rates in 2026 have subsided.

"A rate cut (Wednesday) when inflation remains well above target, should be a one-off," predicted Kathleen Brooks, research director at traders XTB.

The "market is underpricing the uncertainty in the outlook for the Fed next year, which could lead to a big market reaction if the Fed does not have the a

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