Global stocks rose on Thursday, with the Japanese stock market reaching a historic high, while gains in technology stocks and hopes for a ceasefire in Ukraine boosted market optimism. The rally continued despite US President Donald Trump’s new tariffs and rising tensions.
European stock markets saw the STOXX 600 rise 0.5%; the main indices in Frankfurt and Paris rose 1% and 0.8% respectively. However, the UK’s FTSE 100 index fell 0.3%. Trump’s planned meeting with Russia on the war in Ukraine supported European stock markets and strengthened the euro.
Emmanuel Cau (Barclays Head of European Strategy) stated, “A ceasefire would be an additional positive development,” adding that “de-escalation” would be supportive for Europe.
Asian stock markets also performed positively; Japan’s broad Topix index rose 0.7% to a record close. TSMC shares rose 4.9% to a new high. The Korean KOSPI rose 0.6%, while the Hong Kong Hang Seng increased 0.5%.
US stocks were also strong; S&P 500 futures rose 0.3%, and the overall sentiment on Wall Street was positive. Kyle Rodda (Capital.com analyst) said, “Wall Street seems to have regained its former strength,” but stressed that there are still “downside risks.”
DOLLAR WEAKENING
The dollar weakened against major currencies on Thursday, supported by expectations of a Fed rate cut, disappointing macroeconomic data, and Trump’s appointments to the Fed board. The dollar index fell 0.2% to 98.031.
The euro rose 0.2% to $1.1686, while the pound gained 0.2% to $1.3378.
Commodities In the gold market, gold rose 0.3% to $3,376, reaching its highest level in two weeks.
