\u200b\u200b\u200bMacro update<\/p>\n
\u200bBanks deliver strong results:<\/b><\/p>\n
\u200bMorgan Stanley<\/a> surged 4.7% to a record high and\u00a0Bank of America<\/a> climbed 4.4% after both beat quarterly profit expectations, extending the S&P 500 banking index\u2019s winning streak to three sessions.<\/p>\n \u200bSemiconductors rally on AI optimism:<\/b><\/p>\n \u200bThe Philadelphia Semiconductor Index jumped 3% after\u00a0ASML<\/a> posted robust earnings and order growth, boosting confidence amid\u00a0Taiwan Semiconductor Manufacturing Co’s (TSMC)<\/a> results and driving AI-related stocks higher worldwide.<\/p>\n \u200bTrade frictions persist:<\/b><\/p>\n \u200bPresident Trump declared the US \u201cin a trade war\u201d with China, though Treasury Secretary Scott Bessent signalled efforts towards de-escalation and a potential meeting with President Xi later this month.<\/p>\n \u200bFed maintains dovish tone:<\/b><\/p>\n \u200bFederal Reserve (Fed) Governor Stephen Miran said two further rate cuts this year remain likely, while the Beige Book cited selective job losses tied to AI investment and tighter immigration policies.<\/p>\n \u200bAsia extends gains:<\/b><\/p>\n \u200bAsian markets hit record highs on Thursday, led by technology shares.\u00a0Gold<\/a> reached a new all-time high above $4,230.00, while oil prices advanced after India pledged to halt imports of Russian crude.<\/p>\n \u200bDAX 40 back under pressure<\/p>\n