Market Euphoria: Global Stocks Rally and Yen Surges Amid Economic Data Anticipation

Global markets are buoyant as investors await key U.S. economic growth data. European and Asian indices show modest gains, while the yen rallies following Tokyo's declaration to support its currency. Meanwhile, oil and gold markets remain steady amid geopolitical tensions and economic forecasts.

In a day marked by market optimism, world stocks headed towards recent record highs as investors awaited key U.S. economic growth data. Meanwhile, the yen rallied after Tokyo's firm warning about supporting its currency. European shares rose slightly, and gold touched new highs just below $4,500 per ounce.

The focus this holiday-shortened week is on U.S. economic releases delayed due to a prolonged government shutdown. Third-quarter growth is expected at 3.3%, a slight dip from the previous quarter. Experts see potential upside with consumer demand showing strength, indicating a positive GDP outlook.

In other developments, China's government plans urban renewal initiatives as it progresses with its Five-Year Plan. On currency fronts, Japan issued a stark warning on yen intervention, keeping the currency in check, while the dollar eased against major counterparts. The energy market remained stable, with Brent crude at approximately $62 per barrel.

(With inputs from agencies.)