U.S. stocks rebounded in choppy trading, and weekly jobless claims rose to the highest level since August 2023. The Bank of England held its key lending rate steady, and the central bank raised hopes for a rate cut in the near future. Japan's real wages declined for the 27th month in a row. China's trade surplus shrinks, but exports rise faster than expected.
U.S. investors looked beyond rate uncertainty and reacted positively to the latest corporate results. The U.S. trade deficit hovered near a 10-month low. European markets traded sideways amid deeper manufacturing sector woes. Chinese electric vehicle makers reported mixed sales in April amid fierce competition.
Major averages on Wall Street advanced as investors awaited earnings from leading tech companies and the Fed's rate decisions later in the week. In Europe, inflation in Germany held steady but accelerated in Spain. Positive earnings supported the market's advance in China. The presumed government intervention lifted the Japanese yen.