Global Markets React to ECB's Rate Cut

Global stocks experienced a downturn on Thursday, with major Wall Street indexes falling following the European Central Bank's (ECB) decision to cut interest rates for the fourth time this year. The move, aimed at countering a struggling economy and heightened political risks, also saw gold prices slide from a five-week high.

European Stocks and Swiss Franc's Response

European stocks finished lower in choppy trading as the ECB kept the door open to further easing in 2025. Meanwhile, the Swiss franc weakened after the Swiss National Bank cut rates by half a point, marking its largest reduction in nearly 10 years.

US Producer Price Index Surge

In the US, the Labor Department's producer price index (PPI) jumped by 0.4 per cent, exceeding the 0.2 per cent consensus and accelerating from October's upwardly revised 0.3 per cent gain. This surge in the PPI, which tracks the prices US companies receive for their goods and services, contributed to the rise of the US dollar.