- EU chief says China must 'adapt its behaviour' to solve trade row
- Musk unveils robotaxi, pledges it 'before 2027'
- Lynx rally, stun Liberty in overtime in WNBA Finals opener
- Pogacar hunting 'perfect' season finale with Coppi's Il Lombardia record
- 'Soul of old Baghdad': city centre sees timid revival
- Kittle at the double as Niners hold off Seahawks
- At least 11 dead in Florida but Hurricane Milton not as bad as feared
- Yankees advance in MLB playoffs as Guardians stay alive
- Asian markets mixed after Wall St drop, Shanghai dips before briefing
- Automaker Stellantis says CEO will retire in 2026
- Musk's promised robotaxi unveil delayed
- Kamada says Japan can close in on World Cup place against Australia
- On US coast, wind power foes embrace 'Save the Whales' argument
- Renewables revolt in Sardinia, Italy's coal-fired island
- Argentina held, Brazil leave it late in 2026 World Cup qualifiers
- Obama blasts 'crazy' Trump in first rally for Harris
- 2024 Nobel Peace Prize, a plea in favour of world order?
- Fry homers as Guardians down Tigers to stay alive in MLB playoffs
- Japan PM presses China's Li on airspace intrusion
- In Trump 'Truths,' conspiracies, attacks -- and doubts about the election
- How Sebastian Stan found a 'relatable' Trump for 'The Apprentice' biopic
- Panama's water wheel trash collector keeps plastic at bay
- It's still 'the economy, stupid,' says US political guru Carville
- Five key dates in the history of the America's Cup
- Zelensky to meet Pope, Scholz as whirlwind Europe tour ends
- At least 10 dead in Florida but Hurricane Milton not as bad as feared
- Far from eye, Hurricane Milton's deadly tornados rampaged Florida
- At least 10 dead in Florida after Hurricane Milton spawns tornadoes
- Argentina held, Bolivia stun Colombia in 2026 qualifiers
- Socceroos have 'nothing to fear' from Japan
- Sean 'Diddy' Combs sex trafficking trial set for May 2025
- Bolivia stun Colombia in World Cup qualifiers
- Internet Archive reels from 'catastrophic' cyberattack, data breach
- Greece earn late win against England in Nations League, Italy-Belgium stalemate
- Trump biopic 'The Apprentice' hits US theaters weeks before election
- Pavlidis dedicates 'special' Greece win over England to tragic Baldock
- Wall Street stocks retreat from records on US inflation data
- 'Like a quake': Beirut shaken after deadliest strikes on centre
- Fallen giants Ghana in AFCON trouble after Sudan draw
- Asian leaders meet in Laos with US, Russia on world turmoil
- England gamble backfires as Pavlidis fires emotional Greece to victory
- Obama stumps for Harris, Trump talks US protectionism
- New-look France ease past Israel in Nations League
- Belgium fight back to draw with 10-man Italy in Nations League
- 'Get a life': Hurricane whips up US election storm
- Japan stay perfect in World Cup qualifying
- Relief as Lebanon evacuees dock in Turkey
- Lebanon says 22 dead in Israeli strikes on central Beirut
- NBA boss Silver sees games back in China 'at some point'
- Israel strikes central Beirut, killing 22
Stock markets rally as more rate cuts eyed
European and Asian stock markets largely rallied Thursday following fresh record-highs for Wall Street as investors cheered the prospect of cuts to US interest rates.
Tokyo and Paris reached new all-time peaks before the latter succumbed to profit taking.
Gold hit a fresh record of $2,220 an ounce as US rate-cut expectations could weigh on the dollar.
The Federal Reserve on Wednesday said it saw three cuts to US borrowing costs in 2024 after voting to hold interest rates at a 23-year high. Analysts expect the first reduction in June.
The Swiss National Bank (SNB) on Thursday became the first major central bank to cut rates since the end of a global tightening cycle, claiming the battle against inflation was working.
Its announcement sent the Swiss franc sliding to multi-month lows against the dollar and euro.
Later Thursday, the Bank of England was widely expected to keep its main interest rate at a 16-year high, with market watchers looking for clues on when it will start cutting.
Norway's central bank kept its own rate unchanged on Thursday but said it would likely cut borrowing costs in September.
"We are entering a multi-speed exit from tightening phase of the cycle and central banks are starting to need to think for themselves... and take things in the direction that best suits their economy," noted Neil Wilson, chief market analyst at Finalto trading group.
The SNB eased its monetary policy and cut its rate by 0.25 percentage points to 1.5 percent, in its first interest rate cut since it began to hike them in June 2022.
The Turkish central bank, facing some of the world's highest inflation, raised its own rate to 50 percent.
Fed officials held rates for the fifth time in a row and released dot plot projections that showed they saw 75 basis points of cuts before year's end, unchanged from December's outlook.
Fed boss Jerome Powell admitted "inflation is still too high" but added that the recent data "haven't really changed the overall story, which is that of inflation moving down gradually on a sometimes bumpy road toward (a target of) two percent".
The positive news was reinforced by a warning Wednesday from European Central Bank chief Christine Lagarde that there was a risk in cutting too late, suggesting it could also make its first reduction in June.
All three main indices on Wall Street surged to record highs Wednesday, led by tech giants including Amazon and Apple.
The buying excitement flowed through to Asia, where Tokyo ended at another record high, while Hong Kong piled on nearly two percent.
- Key figures around 1100 GMT -
London - FTSE 100: UP 0.9 percent at 7,809.74 points
Paris - CAC 40: DOWN 0.2 percent at 8,144.72
Frankfurt - DAX: UP 0.2 percent at 18,058.83
EURO STOXX 50: UP 0.4 percent at 5,021.84
Tokyo - Nikkei 225: UP 2.0 percent at 40,815.66 (close)
Hong Kong - Hang Seng Index: UP 1.9 percent at 16,863.10 (close)
Shanghai - Composite: DOWN 0.1 percent at 3,077.11 (close)
New York - Dow: UP 1.0 percent at 39,512.13 (close)
Euro/dollar: DOWN at $1.0918 from $1.0923 on Wednesday
Dollar/yen: DOWN at 151.08 yen from 151.36 yen
Pound/dollar: DOWN at $1.2768 from $1.2782
Euro/pound: UP at 85.54 pence from 85.44 pence
West Texas Intermediate: DOWN 0.3 percent at $81.01 per barrel
Brent North Sea Crude: DOWN 0.2 percent at $85.78 per barrel
O.Karlsson--AMWN