Premarket: Global stocks near all-time highs ahead of expected ECB rate cut

World stocks were on the brink of an all-time high and the euro rose on Thursday ahead of what was widely expected to be the European Central Bank’s first interest rate cut in nearly five years.

Sentiment was almost at frenzy stage again. Wall Street’s S&P 500 and Nasdaq had both set new records on Wednesday after a now US$3-trillion AI juggernautThe euro was on the rise again too. It added another 0.1 per cent to its 2-per-cent rise over the past month to reach just shy of US$1.0880, although most traders were sitting on their hands, waiting to see what the ECB signals later.

This was likely to mirror larger-than-expected increases in wages in the first quarter of the year, which boosted consumers’ battered disposable income after years of below-inflation pay hikes. The Bank of Canada pipped the ECB to being the first G7 country to cut rates in this cycle on Wednesday. The U.S. Federal Reserve meets next week although isn’t expected to move until September. By contrast, the debate at the Bank of Japan, which meets the week after, will be on if and when to raise rates.

That included private U.S. payrolls on Wednesday and a report on Tuesday that showed job openings fell in April to the lowest in more than three years.

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