Global markets experienced a positive surge on Friday, with a significant boost in sentiment following hints of the European Central Bank (ECB) halting its rate hikes. The Dollar Index edged lower after touching a 6-month high on Thursday, while bond yields hardened amidst fears of the Federal Reserve keeping interest rates higher for longer.
Wall Street Futures traded in positive territory and European equities reflected the euphoria following the ECB's hints of halts to rate hikes. Asian stock markets also ended trading on an optimistic note, bolstered by further stimulus measures from China.
On the commodities front, better-than-expected readings of industrial production and retail sales from China drove up global prices of crude oil. Gold futures gained amidst hopes of a pause by the Fed in the upcoming review on Wednesday. Cryptocurrencies extended gains, buoyed by the ECB's dovish stance.
In related news, shares of Cimpress (NASDAQ:NASDAQ:CMPR) soared 11.7% in Friday's trading session to close at $69.88. The surge was primarily driven by optimism surrounding improving supply chains and a reduction in raw material costs due to a deceleration in inflation. The company is expected to post a quarterly loss of $0.23 per share in its upcoming report, representing a year-over-year change of +76.3%. Revenues are projected to be $768.67 million, up 9.3% from the same quarter last year.
Meanwhile, another stock from the Zacks Consumer Services - Miscellaneous industry, Monro Muffler Brake (NASDAQ:NASDAQ:MNRO), closed Friday's trading session 0.7% higher at $30.27.
In summary, global markets responded positively to the ECB's potential pause in rate hikes, and optimism about improving supply chains boosted Cimpress' shares significantly.
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