Global stocks hit all-time highs as rally widens

Global stock gauges have record highs in their sights after a week in which affirmation that the Federal Reserve’s interest-rate easing cycle remains intact helped clear the way for a year-end rally.

Europe’s Stoxx 600 rose as much as 0.5% to a fresh peak. A measure for Asia advanced to less than 2% from its all-time high. S&P 500 futures were slightly lower after the benchmark posted a new closing milestone in the previous session, when gauges for blue-chip and small-cap US stocks also pushed into record territory.

Stocks pared some gains after China said it will implement export-license management for certain steel products starting next year, a reminder of the lingering trade friction that has fueled bouts of volatility throughout the year.

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Friday’s advances came even as tech gauges lagged, signaling a broadening of the rally that has put a global equity index on track for a third successive year of gains. Shares of Broadcom Inc., which is vying with Nvidia Corp. for artificial-intelligence computing revenue, fell 4.8% in premarket trading after its sales outlook failed to meet lofty expectations. Nasdaq 100 futures slid 0.4%.

“Everyone is convincing themselves that there will be a Christmas rally, so it looks like there will be one, and to be honest, there’s no negative catalyst visible until the end of the year,” said Karen Georges, a fund manager at Ecofi Investissements in Paris. “Investors are keen to buy this year’s laggards; it’s a good time to diversify your portfolio at the moment.”

 

 

 

 

 

 

 

 

 

Delivering a third consecutive rate reduction on Wednesday, Fed Chair Jerome Powell voiced optimism that the US economy will strengthen as the inflationary impact from tariffs fades. While officials kept their outlook for just one cut in 2026, traders have stuck to bets for two such moves.

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Bloomberg’s index of the dollar traded near a two-month low on Friday and was on track for a third weekly loss. Treasury 10-year yields advanced one basis point to 4.17%.

In commodities, copper climbed to a fresh record as most other industrial metals firmed after the Fed move. Gold rose for a fourth day while silver extended its all-time high. Oil rallied from its lowest close in almost two months.

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Corporate News:

• Shares in UBS Group AG soared to the highest intraday level since early 2008 as a group of influential lawmakers proposed watering down the capital demands that Switzerland wants to impose on the bank.
• SoftBank Group Corp. is studying potential acquisitions including data center operator Switch Inc., people with knowledge of the matter said, underscoring billionaire founder Masayoshi Son’s growing ambitions to ride an AI-fueled boom in digital infrastructure.
• Broadcom Inc., a chip company vying with Nvidia Corp. for AI computing revenue, slumped after its sales outlook for the red-hot market failed to meet investors’ lofty expectations.

Some of the main moves in markets:

Stocks

• The Stoxx Europe 600 rose 0.5% as of 8:54 a.m. London time
• S&P 500 futures were little changed
• Nasdaq 100 futures fell 0.2%
• Futures on the Dow Jones Industrial Average rose 0.3%
• The MSCI Asia Pacific Index rose 1.3%
• The MSCI Emerging Markets Index rose 1%’

Currencies

• The Bloomberg Dollar Spot Index was little changed
• The euro was little changed at $1.1734
• The Japanese yen fell 0.1% to 155.78 per dollar
• The offshore yuan was little changed at 7.0524 per dollar
• The British pound was little changed at $1.3383

Cryptocurrencies

• Bitcoin fell 0.7% to $92,274.78
• Ether fell 0.1% to $3,246.64
• Bonds
• The yield on 10-year Treasuries was little changed at 4.16%
• Germany’s 10-year yield advanced one basis point to 2.86%
• Britain’s 10-year yield was little changed at 4.48%

Commodities

• Brent crude rose 0.5% to $61.57 a barrel
• Spot gold rose 0.7% to $4,308.43 an ounce
• This story was produced with the assistance of Bloomberg Automation.

© 2025 Bloomberg

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