Stock Markets Soar Amid Strong Economic Data and Historic Precious Metal Gains

Major stock indexes climbed, with the pan-European STOXX 600 hitting a record high. U.S. economic data showed unexpected growth, boosting Wall Street. Novo Nordisk gained 6% after FDA approval of their weight-loss pill. Precious metals like silver reached record highs, while oil prices increased on positive economic data.

On Tuesday, stock markets saw a rally, propelled by unexpectedly strong U.S. economic data. The pan-European STOXX 600 index achieved a record closing high, notably benefiting from gains in the healthcare sector following Novo Nordisk's FDA approval for its weight-loss drug.

In parallel, precious metals soared, with silver hitting an unprecedented $70 an ounce and gold also achieving new highs. The U.S. economy's robust consumer spending led to a 4.3% GDP growth rate in Q3, exceeding economists' expectations, which further fueled Wall Street's upward trajectory.

Oil prices also saw an uptick, spurred on by the positive economic indicators and potential Venezuelan crude sales. Meanwhile, currency fluctuations witnessed the yen strengthening after Tokyo signaled possible interventions, while benchmark U.S. Treasury yields remained stable.

(With inputs from agencies.)