Global markets rally on tech gains as oil prices cool at week's start
US payrolls beat estimates in October, feeding expectations of further Federal Reserve rate hikes, while China's producer prices rose at their fastest pace since 2022.
Global markets traded higher on Monday, led by falling oil prices and gains in tech stocks, Turkey's state-run news agency Anadolu Agency reported.
Markets followed a mixed course last week amid the US midterm elections, developments in the Middle East and a series of economic data releases.
US nonfarm payrolls rose by 165,000 in October, beating estimates, while average hourly earnings climbed 0.4 percent month-on-month, also above forecasts.
The strong US labor market has fueled expectations of further interest rate hikes by the Federal Reserve, and Fed officials see inflation as the bank's top concern.
The Democratic sweep in the midterm elections partly eased uncertainty, but the cost of artificial intelligence investments and regulatory risks now dominate the agenda.
Brent crude for January delivery fell 0.1 percent to $98.30 a barrel on Monday, while the US dollar index dropped 0.2 percent to 102.1 and gold rose 1.4 percent to $4,124 per ounce.
US President Donald Trump said the likelihood of another attack on Iran is low as long as talks on Iran's nuclear program and the reopening of the Strait of Hormuz continue to progress.
The US Treasury Department added eight Canadian money services businesses to its sanctions list for allegedly helping Tehran get around sanctions and carry out illicit financial activities.
Treasury Secretary Scott Bessent urged China to fully and immediately meet its commitments under the Busan agreement during his meeting with Chinese Vice Premier He Lifeng.
Chip giant Nvidia said it will launch a probe into its founder and CEO, Jensen Huang, over allegations that he was targeted by foreign intelligence.
On the New York Stock Exchange, Micron Technology shares rose 5.12 percent, Nvidia gained 2.78 percent, AMD soared 11.04 percent and Intel climbed 7.71 percent on Nov. 6 as the Dow Jones fell 0.46 percent, while the S&P 500 gained 0.31 percent and the Nasdaq rose 1.09 percent.
European stock markets traded lower on Nov. 6 over concerns about AI, with Germany's DAX 40 down 1.92 percent and the UK's FTSE 100 losing 1.01 percent.
Spanish economist Pablo Hernandez de Cos and Dutch economist Klaas Knot were nominated to succeed Christine Lagarde as president of the European Central Bank, which she is stepping down from.
Near Monday's close, Japan's Nikkei 225 rose 3 percent, South Korea's Kospi climbed 1.1 percent, China's Shanghai Composite edged up 0.5 percent and Hong Kong's Hang Seng gained 0.2 percent amid a tech rally.
China's consumer price index rose 0.7 percent year-on-year in October, below estimates and at a slower pace than in September, while its producer price index climbed 5.7 percent, the fastest rise since June 2022.
All eyes are now on this week's earnings reports from CoreWeave, Cisco and Applied Materials, which are expected to influence AI stocks.
