European Stocks Soar to New Highs as Fed Hints at Rate Cuts, SNB Holds Steady
European markets surged to their highest levels since January 2022 as investors reacted positively to the U.S. Federal Reserve's signal of upcoming interest rate cuts. The pan-European Stoxx 600 index rose 1.7%, with mining stocks leading gains. Germany's DAX crossed the 17,000-point mark for the first time. The Swiss National Bank held interest rates steady at 1.75%. In other news, AMS-Osram, Vivendi, and EQT saw significant stock gains, while Citi highlighted investment opportunities in Argentine stocks following a currency devaluation. Jefferies expressed reservations about Novo Nordisk's stock, but other analysts remained bullish.