Global equities extended their year-end rally after a calmer week in bond markets gave investors more confidence to rotate back into cyclical sectors. Strategists said the move reflected positioning as much as improving fundamentals, but welcomed the broader participation.

European and Asian indices both moved higher, while US futures pointed to additional gains into the close of the final full trading week before the holidays.

Regional officials said discussions around Syria are increasingly focused on reconstruction financing, cross-border access, and the conditions required for partial refugee returns. Aid groups warned that premature repatriation would remain unsafe in several areas.

Diplomats described the talks as a shift in emphasis rather than a political breakthrough, with sanctions and security guarantees still unresolved.

Auto analysts said electric vehicle demand improved into the final quarter as incentive programs became more targeted and pricing stabilized after a long period of discounting. Several manufacturers reported stronger order books in Europe and selected US states.

Investors remain cautious on margins, but the rebound eased concern that the category had entered a prolonged demand slump heading into 2026.