Global markets traded cautiously on Thursday as investors looked ahead to the US PCE inflation release, a pivotal data point expected to validate increasingly dovish expectations for the Federal Reserve’s policy path.
In China, AI chipmaker Moore Threads surged nearly 500% following its $1 billion Shanghai IPO, marking one of the strongest debuts of the year and signaling what analysts say could be the start of a renewed boom after a four-year freeze in large tech listings.
Political uncertainty is mounting in Germany, where the country’s seven-month-old governing coalition faces the risk of collapse ahead of a crucial Bundestag vote. Chancellor Merz’s alliance continues to struggle with internal dissent as economic headwinds intensify.
On the diplomatic front, global leaders continued a flurry of high-level engagement. After President Emmanuel Macron’s meeting with Xi Jinping in Beijing earlier this week, Vladimir Putin and Narendra Modi concluded a two-day summit in India aimed at tightening economic ties and expanding cooperation across defense, technology and energy.
German data offered a rare pocket of strength: factory orders rose 1.5% in October, supported by large transport equipment deals and building on a revised 2% increase in September.
Equity markets were mixed. Chinese and European stocks gained about 0.5%, while Japan slipped 1%. US futures pointed to modest gains at the open.
Gold traded steady near record highs at $4,251 as investors remained cautious ahead of the US inflation print.