UK and European equities traded firmer into the end of the week, supported by a continued “risk-on” tone following the Federal Reserve’s latest rate cut and a market narrative that policy may ease further next year. In London, strength in precious-metal miners helped lift the broader market even as domestic macro data reinforced a softer growth backdrop and kept attention on next week’s Bank of England decision. Across Europe, banks outperformed and cyclicals improved on expectations that easier policy will eventually feed through into activity, while investors also looked ahead to the European Central Bank’s next meeting.

US equities were mixed in early trading as investors rotated away from parts of the technology complex, with renewed scrutiny on the profitability and pace of artificial-intelligence spending after high-profile earnings and guidance updates. The broader tape remained comparatively resilient, but leadership was narrower, reflecting a market that is still constructive on policy easing while becoming more selective on richly valued growth names.

Asia-Pacific markets ended mostly higher, taking their cue from improved global risk sentiment after the Fed decision, while technology names were choppier following a sharp move in a major US software name that revived questions about near-term returns on data-centre investment. Japan was a notable bright spot, helped by strength in metals and materials, and the region also continued to digest signals from China around additional fiscal support as well as the approach of next week’s Bank of Japan meeting.

Oil prices firmed, supported by geopolitical and supply-side headlines, including renewed focus on Venezuelan flows, even as the market remained cautious on the broader demand outlook and the prospect that progress on Russia-Ukraine negotiations could add to supply expectations. Overall, crude remained on course for a softer week, with investors balancing near-term disruptions against a backdrop of ample supply and diverging views from major forecasters on the medium-term balance.

Gold held near a recent multi-week high as investors assessed the forward path for US monetary policy, with a softer dollar backdrop and rate-cut expectations continuing to underpin demand. Silver stayed close to record territory, helped by strong industrial narratives and tightness themes, while broader precious-metals sentiment remained constructive into year-end.

In UK single names, miners with exposure to precious metals led gains as bullion prices stayed elevated, while several domestic stocks moved sharply on company-specific news. Card Factory slumped after flagging weaker profit expectations, while InterContinental Hotels Group found support following a broker upgrade and energy names drew attention after Harbour Energy announced an acquisition.

WH Smith delayed its annual results again as an audit review tied to accounting issues in its US business continued, keeping the stock in focus and adding to a broader theme of investors demanding clearer governance and controls, particularly where overseas expansion has increased operational complexity.