World stocks clocked up more record highs on Thursday after U.S. data had narrowed the odds on a September Fed interest rate cut, while Europe was on politics watch again as UK voters headed to the polls in national elections.
That is partly because political risk has surged in the likes of France which holds the second round of its parliamentary elections in three days’ time, and in the United States ahead of its Presidential vote in November. France’s bond yields, which move inverse to price and are a proxy for government borrowing costs, were just edging higher though as investors eyed what could be a testing 10.5 billion euros French bond sale later.There had been more record highs on Wall Street on Wednesday as Nvidia leapt another 4.5% and Asia-Pacific shares had risen nearly 1% overnight to reach their highest since April 2022.
Analysts cautioned the series was contradicted by strength in the PMI survey of services, but did note that price measures in both surveys pointed to easing inflation.A run of subdued data mean Citi’s U.S. economic surprise index has sunk to -47.5, the lowest since August 2022. Meanwhile, the closely watched Atlanta Fed’s GDPNow estimate fell to just 1.5% from 1.7%.
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