(Bloomberg) — European stocks strengthened after the Swiss National Bank delivered an interest rate cut in a busy day for monetary policy officials in the region.

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The Stoxx 600 rose 0.4% Thursday, with the technology, insurance and real estate sectors leading gains. US future contracts also strengthened, signaling fresh record-highs for this year’s tech-fueled rally when Wall Street reopens after a public holiday.

The dollar edged higher against a basket of currencies, while 10-year Treasury yields advanced three basis points.

Policymakers in Switzerland cut borrowing costs for a second time, saying that inflation pressure has decreased again compared to the previous quarter. The Swiss currency fell in response, easing around 0.4% versus the euro, and tumbling 0.5% against the dollar.

“The fact we are having interest rates coming down implies they feel confident enough that the inflation dynamic is coming down,” said Guy Miller, chief market strategist at Zurich Insurance. The move “bodes reasonably well for other central banks,” he said.

Later on Thursday, Norges Bank and the Bank of England are expected to keep their respective rates unchanged.

In France, the Treasury is preparing to sell as much as €10.5 billion ($11.3 billion) in bonds for the first time since President Emmanuel Macron shocked markets by calling a snap election. The auction will offer clues as to whether the rout has taken yields to levels high enough to entice buyers.

A two-day rally in Asia paused with a gauge of technology firms in Hong Kong sliding. The Japanese yen extended its weakness against the dollar to a sixth session.

The offshore yuan slipped to its weakest level this year on signs that policymakers are loosening their grip on the currency. The People’s Bank of China set the yuan’s daily reference rate at its lowest since November.

Chinese bonds were in focus after PBOC Governor Pan Gongsheng gave the clearest indication yet that the central bank would start trading government bonds on the secondary market. The country’s 10-year government bond futures rose to a record high.

Wall Street, meanwhile, has been lifted by the continued AI frenzy and resilient economic growth that should continue to support corporate earnings, especially in the technology sector.

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Questions are rising on what could derail the stock rally given “all is not so rosy under the hood, where index market breadth has been poor, with participation underwhelming, suggesting the rally has been built on a shaky foundation,” said Chris Weston, head of research at Pepperstone Group in Melbourne. “It has simply been a tough trade to bet against AI in its various guises – so until we lose these behemoths then pullbacks at an index level will likely be shallow and well-supported.”

In commodities, oil edged higher ahead of the release of weekly inventory data from the US. Gold rose after closing the previous session little changed.

Key events this week:

Eurozone consumer confidence, Thursday

UK BOE rate decision, Thursday

US housing starts, initial jobless claims, Thursday

Eurozone S&P Global Manufacturing PMI, S&P Global Services PMI, Friday

US existing home sales, Conf. Board leading index, Friday

Fed’s Thomas Barkin speaks, Friday

Some of the main moves in markets:

Stocks

The Stoxx Europe 600 rose 0.4% as of 8:43 a.m. London time

S&P 500 futures rose 0.4%

Nasdaq 100 futures rose 0.8%