REFILE-GLOBAL MARKETS-Global shares gain on earnings optimism, gold and silver surge ahead

By Tom Wilson

LONDON, Jan 29 (Reuters) - World stocks gained on Thursday as investors' optimism over earnings remained robust ahead of Apple's results, while gold blazed to a record high for the ninth straight session and oil prices rose on U.S.-Iran tensions.

The Euro STOXX 600 .STOXX gained 0.5% on the higher oil and precious metal prices, with indexes in Britain .FTSE, Spain .IBEX and France .CAC all making gains. German shares .GDAX fell 0.9%, however. The euro zone's biggest economy lowered its 2026 and 2027 growth forecasts on Wednesday.

Markets have been counting on earnings to keep equities in vogue as prospects for U.S. rate cuts before the summer fade.

On Wednesday, the U.S. Federal Reserve left interest rates unchanged as was widely expected, while Chair Jerome Powell talked of a "clearly improving" economic outlook and broad support on the committee as reasons for a pause.

Powell would not be drawn on whether he would remain as a Fed governor after he steps down as chair in May, given President Donald Trump's efforts to pressure the Fed into more aggressive rate cuts.

Investors reacted by cutting the chance of another cut by April to 26%, with June seen as the next likely window. 0#USDIRPR

Deutsche Bank analysts wrote that its economists "see the Powell-led Fed as having now delivered its last rate cut," adding that "they think risks around their expectation of one rate cut this year in September have become more balanced."

On Wall Street, Apple AAPL.O results are in focus, with JPMorgan expecting earnings to beat consensus forecasts, driven by stronger iPhone 17 demand and slower growth in expenses.

S&P 500 futures ESc1 and Nasdaq futures NQc1 added around 0.2% each, with disappointment over Microsoft MSFT.O results tempered by strong guidance from Meta META.O.

The rush into precious metals continued.

Gold added 2.2%, earlier hitting a record $5,594.82 an ounce XAU=. Its gains for this month alone now stand at around 28%. Silver also benefited, topping $120.GOL/

That helped Europe's basic resources index .SXPP rise 3% to its highest since May 2008.

Oil prices hit a four-month high as Trump warned Iran of possible attacks if it did not make a deal on nuclear weapons.

Brent LCOc1 added 2.5% to $70.11 a barrel, while U.S. crude CLc1 rose 2.6% to $64.83 per barrel.

Earlier, MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS was little changed. But South Korea stocks .KS11 rose 0.6%, bringing gains for January so far to a thumping 23%. The tech-heavy Taiwan market .TWII is up almost 13% in the same time period.

AI CAPEX VS EARNINGS

On Wednesday, Microsoft's shares slid 6.5% over concerns its capital expenditure would fail to make sufficient returns to justify its high valuation.

Meta lifted its outlook for revenues and capex for 2026, sending its shares up 8% after hours and adding around $140 billion to its market value.

"A common theme so far from META and MSFT is the larger-than-expected capex spending, indicating the upward momentum for AI spending," noted analysts at JPMorgan. The difference, they said, was Meta also raised its 2026 revenue outlook to well above market expectations.

In currency markets, the dollar was on the defensive as investors hedged against U.S. policy uncertainty and the country's ever-growing debt mountain.

Against a basket of currencies, the dollar was at 96.36 =USD, languishing near Tuesday's four-year low of 95.57.

U.S. Treasury Secretary Scott Bessent insisted the administration still favoured a "strong dollar" policy.

European leaders voiced concerns at the dollar's slide, while officials at the European Central Bank suggested a further steep rise in the euro could warrant interest rate cuts.

The euro added another 0.2% to $1.1979 EUR=EBS, while the dollar lost 0.3% on the Swiss franc to 0.7658 CHF=. It also dipped 0.3% on the Japanese yen to 153.03 JPY=EBS.