US equity futures have hit a new records, helped by surging Asian and European stocks which have all started November on a euphoric note. Surging commodity prices, optimism about tax reform and hope for a new dovish Fed chair all combined to drive global stock markets to record highs, with the MSCI’s world stock index climbing to a fresh all time high.

Mining stocks lead gains as nickel and other industrial metals soar. Oil rose above $55 a barrel for the first time since the start of the year in the longest winning streak in three months, on hopes that major producers would maintain their output cuts.

The Bloomberg Commodity Index climbed to the highest since March as WTI crude rose above $55 a barrel and industrial metals advanced, buoyed by optimism that demand from China won’t falter after a gauge of Chinese manufacturing suggested growth momentum remains robust.

Nickel has been on a tear since Tuesday after Trafigura joined Glencore in revealing bullish forecasts because of the popularity of electric cars. Nickel sulphate is a key ingredient in lithium-ion batteries.