FX.co ★ European Stocks Edge Up

European stocks commenced the final week of October with an upswing. The STOXX 50 increased by 0.3%, while the STOXX 600 edged up by 0.1%, both approaching record levels and reflecting positive trends in global markets. Optimism was fueled by news of a preliminary trade framework agreement between the United States and China, set to be endorsed by Presidents Trump and Xi at their upcoming meeting on Thursday in South Korea. Investors are also preparing for important monetary policy announcements this week from the ECB and the Federal Reserve. The ECB is anticipated to maintain current borrowing rates, whereas the Federal Reserve is expected to reduce the federal funds rate by 25 basis points. In corporate developments, ASML Holding saw a 1.2% rise, and Porsche continued its upward trajectory with a 3.9% increase. Conversely, Novartis experienced a 0.9% drop after revealing its plan to acquire biotechnology company Avidity Biosciences in a $12 billion transaction, and HSBC fell by 0.9% following the establishment of a $1.1 billion provision for claims from investors affected by the Madoff fraud scandal.