European stocks open with defense stocks rising, Saudi stock market up 5%, spot gold remains at a high level, US dollar rises.

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On Wednesday the 24th, the Euro Stoxx 50 Index opened flat, with the European defense sector up 2.8%. The Saudi stock market rose by 5% due to possible relaxation of ownership restrictions. The Saudi bank stock index jumped 9%, marking a record high increase. Alibaba's commitment to increase investment in artificial intelligence led to a surge in Chinese tech stocks, which helped Asian stock markets edge higher.

Geopolitical tensions pushed oil prices higher, with Brent crude nearing $68 per barrel. Federal Reserve Chair Powell warned of ongoing risks in the labor market and inflation, as US Treasury bonds sustained their gains. Spot gold remained high at $3775/ounce, and the US dollar index rose.

The Saudi stock market surged 5% due to possible relaxation of ownership restrictions. The Saudi bank stock index rose 9%, marking a record high increase.The Euro Stoxx 50 Index opened flat, Germany's DAX opened flat, the UK's FTSE 100 fell 0.1%, and France's CAC 40 opened flat. The European defense sector rose 2.8%, Saab AB rose nearly 5%, RENK rose 2.5%, Leonardo rose over 2%, and Rheinmetall rose 1.5%.The Nikkei 225 Index closed up 0.3% at 45,630.31 points. Japan's TOPIX closed up 0.2% at 3,170.45 points.The US Dollar Spot Index rose 0.1%.The euro fell 0.2% to $1.1793.The 10-year US Treasury yield was little changed at 4.10%.Japan's 10-year government bond yield fell 1 basis point to 1.640%.Spot gold rose 0.2% to $3,773.19/ounce.West Texas Intermediate crude oil rose 0.3% to $63.58 per barrel.Bitcoin rose 0.6% to $112,678.12.

Internal Divisions in the Federal Reserve Intensify

Federal Reserve officials are divided over policy prospects. Some policymakers are increasingly concerned about labor market risks, while others are mainly worried that above-target inflation may be further pushed up by tariffs and other policies.

Fed Governor Bowman stated that with a weakening labor market, officials need to act decisively to cut interest rates. Chicago Fed President Goolsbee said he foresees more inflation ahead.

Fed Chair Powell warned of ongoing risks in the labor market and inflation, and reiterated that policymakers face a tough road as they weigh further easing. US Treasuries sustained their gains, and gold traded near record highs.

Defense stocks were buoyed. The European defense sector rose 2.8%, Saab AB was up nearly 5%, RENK up 2.5%, Leonardo up over 2%, and Rheinmetall up 1.5%.

Oil prices continue to rise due to increased Russian supply risk. After rising 1.6% on Tuesday, Brent crude kept climbing, nearing $68 per barrel.

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