Tuesday, 02 January 2024 12:17 GMT

Global markets move higher following reopening of US government


(MENAFN) Global financial markets advanced Thursday, supported by renewed risk appetite after the US federal government resumed operations following the longest shutdown in the country’s history, according to reports.

The 43-day shutdown concluded when US President Donald Trump signed a temporary budget measure approved by Congress. Trump criticized Democrats for attempting to “extort American taxpayers” during the shutdown and urged voters not to “forget this” in next year’s midterm elections.

On Wall Street, the S&P 500 inched up 0.06%, while the Dow Jones Industrial Average rose 0.68% on Wednesday, reaching a record close. The Nasdaq composite, however, fell 0.26%. Following the government reopening, US index futures opened higher Thursday.

The yield on 10-year US Treasury notes, which had dipped to 4.06% on Wednesday, stabilized around 4.09%. The dollar index rose 0.1% to 99.5, breaking a four-day losing streak. Gold extended its rally for a fifth session, climbing 0.3% to $4,208 per ounce, while Brent crude edged down slightly by 0.1% to $62.50 per barrel.

European stocks ended Wednesday in positive territory amid expectations of an imminent end to the US shutdown and opened higher again Thursday after the government reopened. In the previous session, the UK’s FTSE 100 advanced 0.12%, Italy’s FTSE MIB 30 gained 0.80%, France’s CAC 40 rose 1.04%, and Germany’s DAX 40 added 1.22%. Futures suggested continued upward momentum for European markets on Thursday.

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