European stock markets experienced a significant boost this week due to China’s stimulus policies, with sectors such as luxury and automotive stocks seeing strong gains. Both the Euro Stoxx 600 and the DAX reached new record highs, driven by optimism surrounding Chinese consumer demand. Metal prices surged, with gold hitting a new high, while silver and copper also rose on increased demand from China. However, crude oil prices dropped to a two-week low after OPEC+ announced a planned output hike in December.
In Europe, major benchmarks like the Euro Stoxx 600 and DAX saw gains, with technology and mining stocks outperforming, while energy stocks underperformed. Commerzbank shares surged, and eurozone business activity in manufacturing and services sectors contracted in September, raising expectations of accelerated rate cuts by the European Central Bank.
On Wall Street, US stock markets are expected to end the week higher, with materials and technology sectors leading gains. Micron’s positive guidance boosted chipmakers, while US manufacturing PMI and consumer confidence declined, signaling a gloomy economic outlook despite positive GDP growth and employment data.
In the Asia Pacific region, Chinese stock markets surged following the central bank’s easing measures, with Japanese and Australian markets also seeing movement due to respective central bank policies. Overall, global stock markets were buoyed by positive sentiment from continued stimulus measures and central bank actions.
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