US Stocks Aim for Their Best Weekly Gains Since 2023 – Europe Market Wrap
The S&P 500 is on track for its longest weekly winning streak since 2023, as prospects of a peace deal between the US and Iran and unwavering enthusiasm for artificial intelligence continue to propel global stock markets.
While futures for the US benchmark trimmed an early climb of up to 0.5%, the S&P 500 remained on track for its ninth consecutive weekly gain. Brent rose 2.6% to well than $105 per barrel, but stayed lower for the week. Treasuries rose, as the 10-year yield fell 2 bps to 4.55%.
Markets are starting the weekend on a tranquil note, brushing off concerns that significant disruptions to Middle Eastern energy exports may drive inflation. Despite contradicting rumours about peace talks, signs that neither Iran nor the US intend to escalate their dispute, as well as a growing thirst for a broader set of AI beneficiaries, have kept volatility in check.
In Europe, the Stoxx 600 gained for the fifth day in a row, up 0.5%, powered by semiconductor-linked firms such as STMicroelectronics and ASML. A key Asia index rose 0.9%, with Japan’s Nikkei 225 leading.
US Treasuries are up for the third day in a row, after rates reached multiyear highs earlier this week. Investors said US authorities are still paying close attention to borrowing rates, and that current levels will strengthen the White House’s commitment to find a solution in the Middle East.
