Global Trade Optimism Sparks Record Stock Highs

Stock markets around the world hit record highs as optimism over trade deals between the European Union, U.S., and Japan surged. The European Central Bank is set for a pre-summer meeting while economic data presents mixed signals. Oil prices rose amid hopes for global economic growth.

Global stock markets soared to record highs on Thursday, buoyed by optimism surrounding trade deals involving the European Union, the U.S., and Japan. An anticipated meeting of the European Central Bank and unexpectedly upbeat economic data further fueled the rally.

Details emerging from negotiations indicate that the EU and the U.S. are nearing agreements on 15% tariffs, with certain exceptions. The optimism catapulted MSCI's global equity index for the seventh consecutive session, supported by Japan's Nikkei and Germany's DAX index.

Meanwhile, Deutsche Bank's positive financial results spurred a significant increase in banking stocks, despite setbacks faced by Nestle. The European Central Bank is expected to pause its string of rate cuts amid stable inflation. Markets are hopeful of improved trade relations between Europe and the U.S.

(With inputs from agencies.)