"Global Markets React to US Economic Data and ECB Decision"

European stocks are set for their best week of the year, with oil also on track for its strongest performance since October, as traders bet on interest rate cuts in major economies. Upbeat earnings from luxury giant LVMH and speculation about rate cuts by the European Central Bank have driven the market optimism. Bond markets are also enjoying the positive sentiment, with expectations of rate cuts leading to a "pivot party" in the markets. In Asia, shares fell back as Tokyo's Nikkei and China's markets reversed, but MSCI's broadest index of Asia-Pacific shares ex-Japan still snapped a three-week losing streak with a 1.8% weekly rise.