European stocks were set for a steady start after Asian shares rallied after economic data supported the case for Federal Reserve interest-rate cuts.
The yen bounced off its lowest level against the dollar since 1986. Euro Stoxx 50 futures were flat, tracking a similar move in contracts for US equities after the S&P 500 and Nadaq 100 index climbed to a record high in a holiday-shortened session Wednesday.
The pound was steady ahead of the UK general election where the Labour Party is expected to win by a landslide. The MSCI Asia-Pacific gauge hit its highest point in over two years, with technology shares contributing the most to the rally.
Japan’s Topix climbed to a record intraday high, and equities in South Korea, Taiwan, and Australia also advanced.
The yen strengthened after once again touching its lowest level since 1986 against the greenback in the previous session. Speculation persists that the Bank of Japan will tighten policy only gradually. A gauge of the dollar weakened for the third successive session.
