European stocks extended morning gains and closed sharply higher on Thursday, trimming the losses from the prior two sessions with support from a batch of earnings, while markets continued to gauge the impact that the new Republican-led US government may have on the global corporate sector. The Stoxx 50 added 1.9% to close at 4,830, and the Stoxx 600 rose 1.1% to close at 507. ASML, the Stoxx 50's heaviest company, soared 7% after the company forecasted sales to grow by 8% to 14% over the coming five years. Also, Siemens added 4.9% after posting a higher-than-expected profit although it...
Stocks extended losses after Jerome Powell signaled the Federal Reserve is in no rush to cut rates as the economy is holding up. The equity market closed near session lows, US two-year yields spiked and the dollar climbed after Powell's remarks. Traders dialed back bets on a December rate reduction to around 55% — from 80% in the previous day. "Powell's speech was hawkish," said Neil Dutta at Renaissance Macro Research. "I think they will still cut in December since policy remains restrictive and they want to get to...
The Nikkei 225 jumped 1.1% to above 38,900 while the broader Topix index rose 1% to 2,728 on Friday, with Japanese shares snapping a three-day slide as solid GDP data lifted market sentiment. Japan's economy expanded 0.3% year-on-year in the third quarter, ending two straight quarters of declines amid further improvements in private consumption and government spending. Local shares also benefited from a sharply weaker yen that boosted the profit outlook for Japan's export-driven industries. Meanwhile, investors remained cautious after U.S. Fed Chair Powell said that strong U.S. economic...