Amid Push for Middle East Peace, AI Trade Boosts Stocks – Europe Market Wrap
Resurgent demand for technology stocks boosted US shares to fresh highs, fuelled by growing hope that Washington and Iran may extend their two-week truce.
S&P 500 futures rose after the benchmark closed above 7,000 for the first time. Nasdaq 100 contracts rose 0.2% as TSMC’s robust sales forecast demonstrated the endurance of AI chip demand.
Brent surged beyond $96 per barrel as traffic through the Strait of Hormuz remained mostly paralysed. Global bonds climbed, led by advances in Europe, where central bank policymakers indicated they are not in a haste to boost interest rates. The Dollar ended an eight-day losing streak, as gold climbed above $4,800 per ounce.
Tech companies led European advances, with the Stoxx 600 index up 0.2%. A gauge for the sector in Asia achieved a new high, while Taiwan’s total market capitalisation surpassed $4.1 trillion, surpassing the UK.
Tech companies have soared in recent weeks after underperforming the market for much of the year, putting the Nasdaq 100 on course for its longest winning streak since 2017, assuming gains continue on Thursday.
