Global stocks are on track for a weekly gain as expectations for rapid-fire US rate cuts promise to lower borrowing costs globally, a relief to stressed bond markets and a drag on the dollar.

European shares dipped 0.2 per cent in opening trade on Friday, while Nasdaq and S&P 500 futures were off 0.1-0.2 per cent, having hit new peaks overnight.

The MSCI All Country World Index nonetheless remained on track for a 1.7 per cent weekly gain.

Gold, meanwhile, was on track for a fourth weekly gain in a row and traded near record levels, in a sign that investor concerns about global economic uncertainties persist.

Stock markets across Asia had earlier made strong gains, while Chinese stocks hit a three-and-a-half-year high, spurred by extravagant expectations for AI-related earnings growth.

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