Global stock markets recorded notable gains on Thursday, supported by a wave of optimism over the outcome of the summit between US President Donald Trump and his Chinese counterpart Xi Jinping held in Beijing.
European and Asian Markets Performance
In Europe, Britain's FTSE 100 index rose 0.3% to 10,351.36 points, weighed down by positive growth data for the British economy despite the repercussions of the energy crisis.
According to Reuters, Germany's DAX gained 1.4%, while France's CAC 40 gained 0.6%.
In Asia, technology stocks led South Korea's Kospi index to a new record high of 1.8%, driven by the artificial intelligence boom, while Japan's Nikkei index saw a slight decline of 1% after hitting a historic high during the session.
Beijing Summit: Energy and Technology Profiles
Energy and high-end chips have been the focus of the markets, with prominent business leaders such as Elon Musk (Tesla), Tim Cook (Apple), and Jensen Huang (Nvidia) joining Trump's delegation.
Economic circles are awaiting any breakthrough on China's imports of Nvidia H200 chips, while the two sides discussed the need to keep the Strait of Hormuz open to ensure the flow of oil supplies.
Oil Market and Energy Shock
Oil prices held steady at high levels, with Brent crude trading around $105.87 per barrel, compared to about $70 before the war broke out last February.
The International Energy Agency (IEA) has warned of a record depletion of global stockpiles as a result of supply disruptions through the strait, leading to a jump in wholesale prices in the United States in April.
Wall Street and the Fed's Appointments
In New York, technology continued to lead the upside, with the S&P 500 and Nasdaq breaking their previous records.
This coincided with the Senate's confirmation of Kevin Warsh as chairman of the Federal Reserve to succeed Jerome Powell, amid expectations of a faster monetary policy tending to cut interest rates, which was reflected in bond yields stabilizing at 4.46%.
Exchange Rates
On the currency front, the US dollar rose slightly against the Japanese yen to 157.91, while the euro fell slightly against the greenback to trade at $1.1709.