Positive sentiment prevailed in global stock markets on Thursday, buoyed by recent investor confidence that the Federal Reserve has completed its series of interest rate hikes aimed at combating inflation—a narrative favoring equities.

Trading volumes remained light as U.S. markets were closed for the Thanksgiving holiday, set to reopen on Friday for a shortened session, and with few significant catalysts in play.

While London’s FTSE 100 experienced a rare dip of 0.1%, the Paris CAC 40 gained 0.2%, and Frankfurt’s DAX saw a 0.1% increase.

The pan-European Stoxx 600 hovered around the flatline. Meanwhile, Hong Kong’s Hang Seng Index surged by 1%, and the Shanghai Composite closed 0.6% higher, with Tokyo markets shuttered for a Japanese holiday.

Susannah Streeter, an analyst at broker Hargreaves Lansdown, noted the “feel-good holiday vibe” emanating from the U.S. as Wall Street approached the Thanksgiving weekend. She highlighted the diminishing concerns about further Fed rate hikes and the economy’s resilience, expressing optimism for a soft landing despite elevated interest rates.

With turkey dinners taking center stage, trading activity was expected to be thin on the day.

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