European stocks hit a fresh record high on the last trading day of May, tracking a mostly positive session in Asia and gains on Wall Street as economic optimism continues to override inflation concerns.
The Nikkei 225 index NIK, +2.10% closed up 2.1%, though Chinese stocks 000300, -0.32% fell 0.3%. U.S. stock futures ES00, +0.35% were higher, led by a more-than 100-point gain for Dow futures YM00, +0.56%. Equities finished mostly higher on Thursday, boosted by positive economic data. But as inflationary pressures “bubble under the surface,” investors have been trying to prepare for all eventualities, flipping into value stocks that are geared at economic recoveries and out of growth stocks, said Richard Hunter, head of markets at Interactive Investor, in a note to clients.
Also in focus, President Joe Biden is expected on Friday to propose a $6 trillion budget for the coming fiscal year that would boost spending on infrastructure, education, healthcare and social services.
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