Alibaba Group Holding Ltd. shares extended gains after several banks raised their price targets, citing surging revenues from artificial intelligence. The company’s market value has climbed by roughly $50 billion, an 18% rally. The Hang Seng Index rose 2.5%, supported by tech stocks.
Government bond yields pushed higher across developed markets. In the U.K., 10-year gilts touched their highest level since 1988, deepening fiscal concerns. Long-dated eurozone yields also advanced, driven in part by robust economic data. The bloc’s manufacturing sector showed signs of recovery, with the eurozone PMI climbing to 50.7 in August from 49.8 in July — the highest reading in three years.
Meanwhile, precious metals extended their rally as investors positioned for potential Federal Reserve rate cuts and a softer dollar. Gold hit a four-month high, with spot prices advancing 0.84% to $3,475.87 an ounce. Silver surged 2.55% to $40.68, breaking above the $40 threshold for the first time since 2011.
Global markets returned from the U.S. Labor Day holiday on a cautious footing. Attention is turning to Friday’s jobs report, a key data point that could shape the Fed’s next policy move.
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