U.S. stocks extend rally as risk-on mood sinks dollar - BNN Bloomberg

European shares extended Wednesday's rally, which saw the Stoxx 600 Index surge 1.5 per cent. Swatch Group AG, the maker of Omega and Longines watches, jumped more than six per cent as China's reopening fueled a rise in profits. Watches of Switzerland Group Plc, the biggest retailer of Rolex watches in the U.K., soared 10 per cent. U.S. equity futures rose after solid gains on Wall Street.

The MSCI Asia Pacific Index headed for the highest close in more than three weeks, with stocks in Hong Kong recording some of the biggest gains. Chinese Premier Li Qiang met with senior executives from firms including Alibaba Group Holding Ltd. and ByteDance Ltd., a sign that the government is ending its crackdown on the technology industry.

The British pound extended its rally to a sixth day, staying above the US$1.30 level that it hit Thursday for the first time since April 2022, after data showed the U.K. economy shrank less than expected in May.

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