San Francisco Frontiers - European stocks climb, silver rebounds

The dollar steadied against main rivals awaiting minutes from the Federal Reserve's most recent policy meeting, set to be scanned later in the day for clues on the outlook for US interest rates next year.

"Perhaps one of the biggest threats to stock indices for 2026 is an end to interest rate cuts, or even rate hikes in the major economies," Kathleen Brooks, research director at trading group XTB, noted Tuesday.

Investors, including central banks, have been piling into dollar-denominated silver and gold on expectations of more cuts to US interest rates next year.

Gold, in particular, has rocketed to record highs this year thanks to its status as a safe haven investment amid geopolitical unrest.

The price of silver jumped more than three percent to $74.47 an ounce Tuesday, having reached a record-high $84 on Monday before tumbling as investors booked profits.

Silver, a key industrial metal as well as being used for jewellery, has won additional support from tight supply concerns.

Equity traders were taking it easy in the last few days of 2025 following a stellar 12 months that have seen tech firms push several stock markets to all-time highs.

The Fed's monetary easing in the second half of this year has been a key driver of the markets' rally, compounding a surge in the tech sector on the back of the vast amounts of cash pumped into all things AI.

It has also helped offset recent worries about a possible tech bubble and warnings that traders might not see a return on their investments in artificial intelligence for some time.

Asian markets have enjoyed a healthy year, with Seoul's Kospi piling on more than 75 percent and Tokyo's Nikkei 225 more than 26 percent -- both having hit records earlier in the year.

But the two edged down Tuesday, with Sydney, Mumbai and Taipei also lower. Hong Kong, Singapore, Wellington, Bangkok and Jakarta rose. Shanghai was flat.

London, Frankfurt and Paris all gained around midday, while Wall Street had closed lower on Monday.

- Key figures at around 1145 GMT -

London - FTSE 100: UP 0.4 percent at 9,903.53 points

Paris - CAC 40: UP 0.3 percent at 8,136.34

Frankfurt - DAX: UP 0.4 percent at 24,436.19

Tokyo - Nikkei 225: DOWN 0.4 percent at 50,339.48 (close)

Hong Kong - Hang Seng Index: UP 0.9 percent at 25,854.60 (close)

Shanghai - Composite: FLAT at 3,965.12 (close)

New York - Dow: DOWN 0.5 percent at 48,461.93 (close)

Euro/dollar: UP at $1.1768 from $1.1766 on Monday

Pound/dollar: UP at $1.3506 from $1.3504

Dollar/yen: DOWN at 155.88 yen from 156.06 yen

Euro/pound: UP at 87.13 pence from 87.00 pence

Brent North Sea Crude: UP 0.5 percent at $62.23 per barrel

West Texas Intermediate: UP 0.5 percent at $58.39 per barrel

Q.Taylor--SFF