Premarket: Global stocks rally on rate cut hopes

World stocks hit a record high and bond markets rallied on Thursday as galvanized hopes of interest rates cuts in the United States and other major economies extended a powerful month-long global bull run. U.S. futures pointed higher as Wall Street looked to extend its run.

In early trading, Britain’s FTSE 100 fell 0.33 per cent, Germany’s DAX gave up 0.24 per cent and France’s CAC 40 dropped 0.47 per cent. “Also, up until not too long ago, the market was focused on the U.S. outperforming Europe on many fronts. But now that has almost started to reverse,” he added, pointing to another monthly improvement in euro zone industrial production data.

In Asian equity markets, Japan’s Nikkei closed 1.39 per cent higher at 38,920.26, while Hong Kong’s Hang Seng was up 1.59 per cent to 19,376.53.

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