Global stocks rise and the dollar edges lower after Fed's Powell promised to fight inflation

The dollar fell on Friday after the Federal Reserve Chair pledged to fight inflation.

The futures on the S&P 500 and the other two stock exchanges rose.

The US consumer prices report showed inflation hitting 8.6% in May, its highest level in 40 years.

ING analysts said that Fed Chair Powell sounded more upbeat on the economic outlook yesterday than he did on Wednesday.

The yield on the US 10-year Treasury note rose 2 basis points to 3.085%, reflecting a greater degree of investor confidence.

Europe's stocks rose as some risk appetite returned. After trading lower the previous day, the Paris's CAC 40 was up 1.03%.

The possibility of a recession weighed on expectations for fuel demand in the oil markets. The price of West Texas Intermediate crude rose to $105.67 a barrel, while the price ofBrent crude rose to $111.41 a barrel.

"In the short term we will see a battle between macroeconomic focused traders, selling oil as a hedge against recession, and the physical market where price supportive tightness remains."

Tech stocks on the Hong Kong market drove the stock market higher. The Hang Seng in Hong Kong rose 2%, while the Shanghai and Tokyo's stock markets added to their gains.

Other major assets are doing well.

• Copper fell to a 16-month low to trade at $3.7 per pound, under pressure from fears of recession, even as workers of one of the largest copper producers Codelco in Chile launched to go on strike Wednesday.

As interest rates spike and recession fears mount, a key theme is being tapped into by the co-CIO of the stock market.