📆 Friday, May 10
► European markets rallied as the Stoxx 600 advanced 0.6%, heading for its best weekly gain in over three months. UK GDP data showed the economy expanded 0.6% in Q1 2024 over the previous quarter, exceeding expectations and marking the strongest growth since late 2021. Monthly GDP increased to 0.4% in March from 0.2% in February, driven by gains in services and production sectors. The GBP edged higher after the data showed that the UK economy had exited a mild recession.
► In US pre-market trading, the S&P 500 future trades 0.25% higher (Nasdaq 100 0.3%) after the index closed within 1% of its all-time high. Treasuries and the USD remained steady as traders anticipated potential rate cuts by the Federal Reserve. Higher-than-expected US jobless claims supported the case for interest rate cuts. Investors are closely watching comments from Fed speakers Michelle Bowman and Neel Kashkari ahead of next week's crucial CPI data.
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