Global stock markets surged following reports of easing U.S. inflation, bolstering hopes for Federal Reserve interest rate cuts. Strong earnings from key corporations such as Richemont and Taiwan Semiconductor further fueled the rally.

Luxury sector bellwether Richemont jumped 16% after reporting a better-than-expected 10% increase in fiscal third-quarter sales, while France's LVMH, Kering and Christian Dior all rising. Retailers Moncler, Burberry, Swatch and Hermes also crowded around the top of the Stoxx index.

European stocks rose to the highest level in over a month on Thursday, lifted by the luxury and technology sectors as a double-digit jump in Richemont’s sales and an upbeat outlook by Taiwan Semiconductor Manufacturing Co.

Wall Street equities finished lower Thursday following a mixed US retail sales report, while European luxury stocks pushed higher following strong results from Cartier owner Richemont. The Paris stock market surged more than two percent after Cartier owner Richemont reported record quarterly sales.

- Canada's response to US trade policies includes C$150B in retaliatory tariffs, escalating tensions. Simultaneously, there's discussion in the US about safeguarding TikTok's presence in the country, with new developments expected post-Trump's inauguration.

Given the challenging environment, there have been clear winners and losers. Research and data firm Coresight Research tabulated 7,327 store closures last year, nearly 58% more than in 2023. And it also tracked 48 retail bankruptcies, including automobile dealers, in the U.S. last year, up from 25 in the previous year.

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The central bank said it had decided to leave the network after the group’s work “increasingly broadened in scope.”

Donald Trump is expected to elevate Michelle Bowman, a fifth-generation community banker and current Fed governor, as the government’s most influential banking regulator.

The U.S. Federal Reserve announced on Friday it had withdrawn from a global body of central banks and regulators devoted to exploring ways to police climate risk in the financial system.

European stock markets continued their climb, with the DAX repeatedly reaching new highs this week. Performance was driven by expectations of loosening monetary policy and strong corporate quarterly earnings.

The Federal Reserve said Friday that it is leaving an international grouping of central banks that focused on how the financial system could help combat climate change