Global markets: US, European stocks rise on hopes of pause in rate hikes

The S&P 500 closed at 4,145.91, up 1.33%. The Dow Jones Industrial Average rose 1.14% to 34,029.04. The Nasdaq Composite rose 1.99% to close at 12,166.27.

A separate report showed that slightly more workers applied for jobless benefits last week than expected.

U.S. Dollar fell from 133.19 yen to 132.77 JPY. The dollar rose to 1.1046 to the euro from 1.0995.

european shares

European shares rose on Thursday, led by luxury stocks. The pan-European STOXX 600 rose 0.4%, and the blue-chip index added 0.5%.

Britain’s FTSE 100 rose 0.3% as data showed the UK economy unexpectedly stalled in February.

In France, the benchmark CAC 40 climbed to a record high, rising 1.2%, boosted by LVMH.

LVMH stock rose 5.7% to close at a record high after the company reported a 17% jump in first-quarter sales.

Hermès shares also touched a record high, jumping 3.2%.

Copenhagen’s OMX 20 also hit an all-time high.

Germany’s DAX rose 0.2% to 15,729.46.

Asian market

Asian shares closed mixed on Thursday.

Hong Kong’s Hang Seng index rose 0.2% to 20,344.48. The Shanghai Composite Index in China closed down 0.3 per cent at 3,318.36. South Korean benchmark Kospi rose 0.43% to close at 2,561.66.

Japan’s Nikkei 225 rose 0.3% to close at 28,156.97.

Australia’s S&P/ASX 200 index slipped 0.3% to 7,324.10, dragged down by mining and banking shares. New Zealand’s benchmark S&P/NZX 50 index rose 0.1% to 11,930.86.

crude oil

Oil prices fell as OPEC said in a monthly report it still expected global crude demand to rise by 2.3 million barrels per day this year. Brent crude for June delivery fell $1.24 to $86.09 a barrel on Thursday. Benchmark US crude for May delivery fell $1.10 to $82.16 a barrel.

bullion

Gold for delivery in June gained $30.40 to $2,055.30 an ounce. Silver for May delivery rose 47 cents to $25.93 an ounce.