Equity Markets: US equities rallied on Thursday with the S&P 500 advancing 0.6% to 6738, approaching within 0.2% of its record high. The Dow Jones gained 0.3% to finish at 46735, while the tech-heavy Nasdaq Composite outperformed with a 0.9% rise to 22942, driven by strength in major AI stocks including Nvidia and Oracle. Energy stocks led sector gains, surging 1.3% as oil prices jumped over 5% following President Trump's announcement of new sanctions on Russia's largest oil producers Rosneft and Lukoil. Tesla ended up 2.3% after initially falling on disappointing earnings, while Honeywell surged nearly 7% on strong quarterly results. IBM declined 0.9% despite beating estimates as software growth disappointed. The market's advance came as the White House confirmed President Trump would meet Chinese President Xi Jinping on October 30, easing trade tensions.
In Europe, markets closed higher with the STOXX 600 gaining 0.4% and the CAC 40 adding 0.2% to Kering soared 8.7% on better-than-expected quarterly sales, while Dassault Systèmes plunged over 13% after slashing its revenue outlook. Energy stocks rallied across the region with BP, Repsol, and Eni advancing around 3% on higher oil prices.
In Asia overnight, markets advanced with Japan's Nikkei rising 1.3% to 49299 and South Korea's Kospi jumping 2.5% to 3941, while Hong Kong's Hang Seng gained 0.7% as Chinese stocks responded positively to Beijing's pledge to boost consumption.
