Global shares gain on earnings optimism, gold surges ahead

LONDON/SYDNEY, Jan 29 (Reuters): World stocks gained on Thursday as investors' optimism over earnings held up ahead of Apple's results, while gold blazed to its latest record high and oil prices rose on US-Iran tensions.
The Euro STOXX 600 gained 0.5 per cent on the higher oil and precious metal prices, with indexes in Britain, Spain and France all making gains. German shares fell 0.6 per cent.
Markets have been counting on earnings to keep equities in vogue as prospects for US rate cuts before summer fade.
On Wednesday the US Federal Reserve left interest rates unchanged as widely expected, while Chair Jerome Powell talked of a "clearly improving" economic outlook and broad support on the committee for a pause.
Powell would not be drawn on whether he would remain as a Fed governor after he steps down as Chair in May, given President Donald Trump's efforts to pressure the Fed into more aggressive rate cuts.
Investors reacted by cutting the chance of another cut by April to 26 per cent, with June seen as the next likely window.
Deutsche Bank analysts wrote that its economists "see the Powell-led Fed as having now delivered its last rate cut," adding that "they think risks around their expectation of one rate cut this year in September have become more balanced."
Apple results are in focus, with JPMorgan expecting earnings to beat consensus driven by stronger iPhone 17 demand and slower growth in expenses.
On Wall Street, S&P 500 futures and Nasdaq futures added around 0.3 per cent each as disappointment over Microsoft results was tempered by strong guidance from Meta.
Meanwhile, gold and silver climbed to record highs as investors' rush into precious metals continued.
Gold added 2.5 per cent to $5,536 an ounce , bringing its gains for this month alone to around 28 per cent. Europe's basic resources index rose 3 per cent to its highest since May 2008.
Oil prices hit a four-month high as Trump warned Iran of possible attacks if it did not make a deal on nuclear weapons.
Brent added 1.5 per cent to $69.44 a barrel, while US crude rose 1.7 per cent to $64.26 per barrel.
Earlier, MSCI's broadest index of Asia-Pacific shares outside Japan was little changed. But South Korea stocks rose 0.6 per cent, bringing gains for January so far to a thumping 23 per cent. The tech-heavy Taiwan market is up almost 13 per cent in the same time period.