European Stocks Powered Higher by Tech Before ECB: Markets Wrap

According to the article, European stocks reached a new record due to the continued rally in technology shares and an anticipated interest rate cut from the European Central Bank (ECB) on Thursday. The pan-European Stoxx 600 benchmark added 0.7%, while the technology subindex rallied as much as 2.6%, following steep gains for Wall Street's tech behemoths. Additionally, there was growing confidence among investors that central banks across the developed world would be able to ease monetary policy this year, with the ECB expected to deliver a 25 basis-point cut.

The Bank of Canada's rate cut had a positive impact on global financial markets, as it signaled the beginning of a coordinated global easing cycle. This move by the Bank of Canada, along with the anticipated interest rate cut from the European Central Bank, boosted European stocks to a new record and contributed to the continued rally in technology shares. The decision by the Bank of Canada to cut rates also increased confidence among investors that central banks across the developed world will be able to ease monetary policy this year. As a result, US equity futures edged higher, indicating another all-time peak for the S&P 500, and bond yields across Europe ticked higher ahead of the meeting. Overall, the Bank of Canada's rate cut contributed to growing optimism in global financial markets and increased expectations for further easing by central banks.