Williams said the Federal Reserve's balance-sheet objective is to control interest rates.

Germany's DAX opened up 247.33 points (+0.99%) at 25,113.00 on July 9 (Thu). Britain's FTSE 100 opened down 30.04 points (-0.29%) at 10,459.00. France's CAC 40 opened up 59.35 points (+0.72%) at 8,312.01. Euro Stoxx 50 opened up 56.94 points (+0.92%) at 6,261.85. Spain's IBEX 35 opened up 211.39 points (+1.11%) at 19,260.69. Italy's FTSE MIB opened up 418.25 points (+0.81%) at 52,235.50.

Goldman Sachs analyst Louis Mille, in a report titled Investment Strategy: Long China AI Value Chain, says China’s AI industry has entered the firm's radar driven by large-scale state support, a surge in global demand and an unprecedented convergence of structural capital rotation. Goldman highlights three market takeaways: China AI companies’ market caps are materially misaligned with the addressable market, implying significant upside to valuations; the China AI value chain possesses unique, market-underestimated competitive advantages; and the China AI sector is outperforming other Chinese assets and drawing structural capital allocation.