Record Highs in Europe Amid Turbulent Global Markets

European shares reached new heights on a quiet day in Asia, driven by promising year-end prospects. Meanwhile, gold and silver steadied after their rally, and geopolitical tensions loomed, impacting oil prices. U.S. stocks prepared to follow last week's decline, hinting at uncertain global economic conditions.

European stock markets achieved record highs on Tuesday, fueled by investor optimism as the year draws to a close. The pan-European STOXX 600 index led the surge, despite Asia's subdued trading day. In parallel, precious metals like silver and gold regained momentum following a sharp downturn.

Global uncertainties grew as oil prices remained steady post-overnight gains. Tensions escalated with Russia's unverified claims of an attack by Ukraine and Saudi Arabia's airstrike on Yemen. In conjunction, reports of potential military strikes from the U.S. against Iran and China's drills near Taiwan amplified geopolitical risks.

Despite thin holiday trade, silver and gold exhibited volatile swings but maintained substantial annual gains. Analysts noted that market dynamics, including stop losses and margin requirements, drove earlier movements. Meanwhile, mixed performances were observed in other major global markets, signaling a complex economic horizon.

(With inputs from agencies.)