How to cat a UTF-8 (no BOM) file properly/globally in PowerShell? (to another file)

Create a file utf8.txt. Ensure the encoding is UTF-8 (no BOM). Set its content to €

In cmd.exe:

type utf8.txt > out.txt

Content of out.txt is €

In PowerShell (v4):

cat .\utf8.txt > out.txt

or

type .\utf8.txt > out.txt

Out.txt content is €

How do I globally make PowerShell work correctly?