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UK and European stocks rose on Thursday as traders absorbed
the European Central Bank's first interest rate cut since September 2019.
The ECB announced a widely anticipated rate reduction during
its meeting in Frankfurt, despite ongoing inflationary pressures in the
20-nation eurozone. This cut brings the central bank’s key rate down to 3.75%
from a record 4%, where it had remained since September 2023.
U.S. stocks showed little change after the S&P 500
reached a new record closing high, driven by a rally in artificial intelligence
chip leader Nvidia.
Asia-Pacific stocks climbed on expectations of the European
Central Bank's rate cut, with softer U.S. labour market data bolstering hopes
that the Federal Reserve might follow suit, further enhancing market sentiment.
Gold prices reached a two-week high on Thursday as U.S. bond
yields dropped, reflecting signs of a cooling labour market. This strengthened
the case for a September interest rate cut by the Federal Reserve, while
investors prepared for U.S. non-farm payrolls data.
In corporate news, London-based tonic and soda maker
Fever-Tree Drinks reported a year-to-date increase in sales, continuing to gain
market share across all regions.
The U.S. market remains Fever-Tree's largest growth driver
at the retail level, with the company asserting its number-one position in the
tonic and ginger beer categories.
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