Record Stock Rally Builds As markets await NFP – Europe Market Wrap

European equities reached a new high, global bonds gained, and gold surged on hopes that US jobs data released later Friday will solidify the argument for interest rate cuts in the coming months.

The pan-European STOXX 600 index rose 0.2%, putting it on course for its seventh week of gains, while S&P 500 and Nasdaq 100 futures nudged higher. Chip stocks climbed in US premarket trading, with Nvidia up 3.4% after adding more than $1 trillion in value this year.

Powell’s remarks sent benchmark 10-Yr Treasury yields to a one-month low, while the dollar fell for the sixth straight day. Bond yields fell throughout Europe as more ECB policymakers supported a June rate cut.

Gold rose above $2,160 per ounce for the seventh consecutive day.

ECB’s Villeroy: We’re more and more confident on the inflation goal.

The BoJ considers new quantitative monetary policy framework – Jiji. [Yen Strengthened]