- 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
US stocks hit fresh records as rate cut outlook improves
Global stock markets rose Thursday as several central banks joined the Fed in indicating lower interest rates are on the way, with US markets reaching fresh records.
All three major Wall Street indices finished at all-time highs for a second straight day Thursday, led by the Dow Jones Industrial Average, which rose almost 0.7 percent.
The Federal Reserve said Wednesday it still saw three cuts to US borrowing costs in 2024 after voting to hold interest rates at a 23-year high.
Analysts said the gains partly reflected market relief after the Fed's rate cut predictions.
But equally as important, there is just as "much excitement about this market" due to the strength of economic fundamentals, said Art Hogan of B. Riley Wealth, citing buoyant existing home sales data published Thursday as further corroboration of a solid economic outlook.
The day's gains came despite a 4.1 percent drop in Apple shares after the US Department of Justice confirmed it was suing the company over allegations it illegally maintained a monopoly for its iPhone by stifling competition and imposing exorbitant costs on consumers.
But Apple's fall was countered by a flourishing trading debut for social media company Reddit, which soared 48 percent after pricing at the top of its range in an initial public offering (IPO).
Reddit's robust performance lifted expectations of other IPOs, benefitting large banks, including Goldman Sachs, which jumped 4.4 percent.
- England and Norway pause -
Following the Fed, the Bank of England and Norway's Norges Bank similarly held rates steady on Thursday, but also suggested they could soon cut should inflation continue to ease.
"Like the US Federal Reserve yesterday, BoE policymakers appear keen to validate financial market expectations of rate cuts starting in summer," said Kallum Pickering, senior economist at Berenberg Bank.
And the Swiss National Bank (SNB) on Thursday became the first major central bank to cut rates since the end of the current global tightening cycle, claiming the battle against inflation was working.
In European stock markets, Frankfurt and Paris reached new all-time peaks before pulling back. London gained almost 2 percent.
Asian markets finished mostly higher, with Japan's Nikkei and the Hong Kong Hang Seng Index rising sharply, while the Shanghai composite edged lower.
Among commodities, gold hit a fresh record of $2,220 an ounce, before retreating, as US rate cuts could weigh on the dollar. And oil continued to slide on profit taking after hitting a five-month high earlier this week.
- Key figures around 1640 GMT -
New York - Dow: UP 0.7 percent at 39,781.37 points (close)
New York - S&P 500: UP 0.3 percent at 5,241.53 (close)
New York - Nasdaq Composite: UP 0.2 percent at 16,401.84 (close)
London - FTSE 100: UP 1.9 percent at 7,882.55 (close)
Paris - CAC 40: UP 0.2 percent at 8,179.72 (close)
Frankfurt - DAX: UP 0.9 percent at 18,179.25 (close)
EURO STOXX 50: UP 1.0 percent at 5,052.31 (close)
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)
Euro/dollar: DOWN at $1.0861 from $1.0923 on Wednesday
Dollar/yen: UP at 151.65 yen from 151.36 yen
Pound/dollar: DOWN at $1.2653 from $1.2782
Euro/pound: UP at 85.82 pence from 85.44 pence
West Texas Intermediate: DOWN 0.2 percent at $81.07 per barrel
Brent North Sea Crude: DOWN 0.2 percent at $85.78 per barrel
A.Malone--AMWN