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Wall St rallied on Thursday, following the revival of Wall Street’s IPO market and favourable results from economic data. The Dow Jones had its best day since August adding 0.96% while the S&P 500 and the Nasdaq both performed strongly, finishing in the green by 0.84% and 0.81% respectively.
Chip design company Arm debuted on the New York Stock Exchange on Thursday which saw shares increasing by 24.7% as investors hope that the biggest tech offering of the year could kickstart a ‘sleepy’ IPO market.
Over in Europe, markets closed higher on Thursday as investors reacted to the European Central Bank’s decision to hike interest rates once again. Interest rates were increased for the 10th consecutive time by the ECB by 25-basis points taking the core rate to 4%.
The STOXX600 finished Thursday’s session, 1.52% higher following the ECB announcement. This was led by the basic resources sector up 4.2% following China’s central bank announcing it would cut the reserve requirement ratio on banks by 25-basis points. The German DAX closed 0.97% higher and the FTSE100 and French CAC ended Thursday in the green, up by 1.95% and 1.19% respectively.
Locally yesterday, the ASX200 finished the day 0.46% in the green, led by materials up by 0.96% and the financial index ending the day 0.69% higher. This was slightly offset by the health index which finished Thursday in the red 0.57%.
What to watch today: