Global stocks rose on Wednesday as a flurry of new policies from US President Donald Trump combined with robust corporate earnings to bolster investor optimism, while tariff uncertainty kept the dollar near two-week lows.

Netflix shares (NFLX.O) surged 14 per cent in after-hours trading as the streaming giant added a record number of subscribers last quarter, enabling it to increase prices for most service plans in the United States and other countries.

That helped lift Nasdaq futures 0.7 per cent in Asia. S&P 500 futures also rose 0.3 per cent. Europe was also set for higher open, with pan-European STOXX 50 futures up 0.2 per cent.

Late on Tuesday, Trump announced that OpenAI, SoftBank and Oracle will form a joint venture called Stargate and invest up to $500 billion in artificial intelligence infrastructure. Shares of SoftBank (9984.T) surged 11 per cent in Tokyo, while Oracle (ORCL.N) already gained 7 per cent overnight.

Helping risk sentiment is also relief that Trump did not announce a more comprehensive sweep of tariffs at the start of his second presidency. Many investors and foreign capitals had expected tariffs to be among a raft of executive orders Trump signed in his first day in office.

However, he did talk up the threat of tariffs again on Tuesday, vowing to hit the European Union with fresh levies and saying his administration was discussing imposing a 10 per cent tariff on goods from China on Feb. 1.

“I think we’re pricing out all the extreme moves,” said Hoe Lon Leng, global head of FX flow and EM rates linear trading at Nomura in Singapore.

“I think Trump seems to be more outcome driven. I think he wants to do a good job and … that means the recent oil prices, the recent move higher in bond yields would have affected his position on pushing things to the extreme.”

Japan’s Nikkei (.N225) jumped 1.6 per cent, tracking broad gains on Wall Street. MSCI’s broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS), however, fell 0.1 per cent as drops in Chinese and Hong Kong stocks offset broad gains elsewhere.

Chinese blue chips (.CSI300) fell 1 per cent and the Hong Kong’s Hang Seng index (.HSI) lost 1.6 per cent.

The temporary tariff relief has supported a pullback in Treasury yields. The US 10-year Treasury yield , however, edged up 1 basis point in Asia to 4.5866 per cent, having dipped 4 bps overnight.

They were still up around a percentage point since the Federal Reserve started cutting rates in mid-September, reflecting a strong economy and dwindling prospects for large Fed reductions this year.

Futures imply a total easing of 37 bps from the Fed this year, with the first rate cut not fully priced in until July.

The US dollar was a tad stronger but was pinned near a two-week low against its major peers, having finished a choppy session overnight little changed.

The euro eased 0.2 per cent to $1.0412, just off a three-week top of $1.0435, while the Japanese yen also slipped 0.2 per cent to 155.87 per dollar.

Bitcoin held near a record high at $105,694, having rallied 4 per cent overnight as the top US markets regulator created a task force to develop a regulatory framework for crypto assets.

“The road for bitcoin to reach $120,000 is plausible,” said Billy Leung, investment strategist at Global X.

Oil prices were flat, having fallen more than 2 per cent overnight on Trump’s plans to boost US energy production. Brent crude held at $79.35 a barrel, while US crude was little changed at $75.80 a barrel.

Gold also resumed its climb to its previous record high. Spot prices rose 0.4 per cent to a 2-1/2 month high of $2,756.19 per ounce, having jumped 1.4 per cent overnight.