Global equity markets moved higher on Tuesday. This surge followed better-than-anticipated economic data from the United States, which significantly boosted investor confidence.
Reports show that the US economy expanded at an annualized rate of 4.3% during the third quarter. This figure comfortably outperformed the analyst forecasts of 3.3%.
Robust consumer spending drove this growth. Consequently, investors now speculate that the Federal Reserve may maintain current interest rates instead of cutting them during the upcoming January session.
Wall Street and European Market Gains
Wall Street saw modest but steady gains across all major indices. The Dow Jones Industrial Average rose 44 points to close at 48,406.82, while the S&P 500 edged up to 6,884.37. The Nasdaq Composite also saw green, closing at 23,435.22. Globally, the MSCI World Index increased by 0.23%.
In Europe, the STOXX 600 reached a brief record high. These gains were largely supported by the healthcare industry. The sector benefited from a major regulatory win that sparked optimism across the continent.
Healthcare Breakthrough: Novo Nordisk’s New Approval
The healthcare sector became a focal point for investors this week. The U.S. Food and Drug Administration (FDA) approved a new weight-loss medication in pill form from Novo Nordisk.
Shares of the Danish pharmaceutical giant surged following the announcement. This approval provides the company with a strategic advantage in the rapidly growing global market for obesity treatments. Furthermore, the shift from injections to oral pills is expected to increase patient accessibility and market share.
Currency and Bond Market Movements
The foreign exchange market experienced notable shifts on Tuesday. The Japanese yen gained 0.55%, reaching 156.21 per US dollar. This move comes as investors prepare for potential intervention by the Japanese government to support its currency.
Additional currency and bond movements include:
- Dollar Index: Fell 0.19% to 98.05.
- Euro: Rose 0.12% to 1.1775 against the dollar.
- 10-Year Treasury Yield: Climbed to 4.198%. This reflects the market’s belief that US interest rates will remain stable in the short term.
Commodities Reach Historic Highs
The ripple effects of US economic strength extended deeply into the commodities market. While equities rallied, precious metals saw unprecedented demand. Gold continued its record-breaking streak by moving above $4,500 per ounce.
At the same time, silver achieved a historic milestone. It surpassed $70 per ounce for the first time. Analysts suggest that the combination of industrial demand and a hedge against inflation is driving these metals to new heights.
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