If I encounter an statement like the following: $$\exists x P(x)\land\exists y Q(y)$$
Should this be interpreted as if x and y refer necessarily to different objects or it is to be interpreted as they may or may not be the same object?
Is it therefore equivalent to: $$\exists x P(x)\land\exists x Q(x)$$ ?
Yes, the convention is that quantifiers apply to as little as construeable; so, parentheses are required when the quantification is meant to apply beyond this. For example, \begin{align}\big(\forall x\, A(x)\big)\to B(x)\quad\equiv\quad\forall x \, A(x)\to B(x)\quad\not\equiv\quad\forall x\;\big(A(x)\to B(x)\big).\end{align}
(For unambiguity and good practice, the first, second, fourth, and fifth occurrences of $x$ in the above ought to be replaced with $y.$)
Yes, sentences $(1)$ and $(2)$ are logically equivalent to each other.
The latter. For example, if predicates $P$ and $Q$ symbolise “is Taiwanese” and “likes to read”, respectively, and Brigitte is a Taiwanese bookworm, then both variables $x$ and $y$ in sentence $(1)$ can refer to her.