Today's Edition
(AFP)
Stock markets in Asia and Europe rose on Monday as fresh hopes for a US interest rate cut provided some calm after last week's rollercoaster ride fuelled by worries of a tech bubble.
The scramble to snap up all things AI has helped propel equities skywards this year, pushing several companies to records -- with chip titan Nvidia last month becoming the first to top $5 trillion.
In recent weeks by falling expectations the Federal Reserve will cut rates for a third successive time next month as stubbornly high inflation overshadows weakness in the labour market.
However, risk appetite was given a much-needed shot in the arm Friday when New York Fed boss John Williams said he still sees "room for a further adjustment" at the bank's December 9-10 policy meeting.
His comments came a day after figures showed that while more jobs were created in September, the unemployment rate crept to its highest level since 2021.
A pick-up in betting on a December cut saw the odds shoot up to about 70%, from 35% earlier.
Focus is now on the release this week of the producer price index, which will be one of the last major data points before officials gather, with other key reports postponed or missed because of the government shutdown.
After Wall Street's rally on Friday capped a torrid week for markets, Asia was on the front foot.
Sydney gained more than one percent, while Shanghai, Singapore, Wellington, Wellington, Mumbai, Manila and Bangkok were also up, though Seoul retreated. London, Paris and Frankfurt also started with gains.
US futures advanced.
Tokyo was closed for a holiday.
But while the mood is a little less fractious than last week, uncertainty continues to weigh on riskier assets, with bitcoin hovering around $87,000.
While that is up from its seven-month low of $80,553, it is still sharply down from its record $126,200 hit last month.
