Despite mixed economic data, global markets remained resilient on Tuesday, with investors focusing on positive prospects for the global economy.
European stocks stepped back slightly from a 2% gain in July, while UK stocks edged up, led by HSBC's announcement of a $2 billion share buyback and raised profitability target.
Investors are preparing for an end to the U.S. Federal Reserve's interest rate hikes, with last week's increase expected to be one of the last in the current tightening cycle.
Oil prices traded near a three-month high amid signs of tightening global supply, while the dollar hit a three-week high against the yen. However, caution remains regarding China's post-pandemic recovery after a surprise contraction in manufacturing, and the positive U.S. narrative faces crucial tests this week with several closely watched jobs reports due.
