- China holds off on fresh stimulus but 'confident' will hit growth target
- German suspect in 'Maddie' case faces verdict in sex crimes trial
- Top economic official 'confident' China will hit 2024 growth target
- COP29 fight looms over climate funds for developing world
- Shanghai stocks soar to extend stimulus rally amid Asia-wide drop
- Will Tesla's robotaxi reveal live up to hype?
- 'Invisibility' and quantum computing tipped for physics Nobel
- Oil prices extend gains on Mideast tensions, Wall Street falls
- 'Dark day': Victims mourned around the globe on Oct. 7 anniversary
- Mission to probe smashed asteroid launches despite hurricane
- Oil prices extend gains on Mideast tensions, Wall Street slips
- Europe's asteroid mission Hera launches despite hurricane
- Oil prices extend gains on Mideast tensions, Wall Street retreats
- What is microRNA? Nobel-winning discovery explained
- Weather may delay launch of mission to study deflected asteroid
- China to flesh out economic stimulus plans after bumper rally
- Asian markets track Wall St rally on US jobs data
- World marks anniversary of Oct. 7 attack on Israel
- Asian markets track Wall St rally on jobs data
- Cancer, cardiovascular drugs tipped for Nobel as prize week opens
- Tunisia incumbent Saied set to win presidential vote: exit polls
- 'Difficult day': Oct 7 commemorations begin with festival memorial
- Commemorations begin for anniversary of attack on Israel
- Tunisia voting ends as Saied eyes re-election with critics behind bars
- Drowned by hurricane, remote N.Carolina towns now struggle for water
- Two elephants die in flash flooding in northern Thailand
- Tunisia votes with Saied set for re-election
- Too hot by day, Dubai's floodlit beaches are packed at night
- A 'forgotten' valley in storm-hit North Carolina, desperate for help
- Italy targets climate activists in 'anti-Gandhi' demo clampdown
- US trade chief defends tariff hikes when paired with investment
- EU court blocks French ban on vegetable 'steak' labelling
- Meta AI turns pictures into videos with sound
- US dockworkers return to ports after three-day strike
- DR Congo to begin mpox vaccination campaign Saturday in east
- Meta must limit data use for targeted ads: EU court
- Oil extends gains, jobs report lifts Wall Street
- US hiring soars past expectations in sign of resilient market
- As EU targets Chinese cars, European rivals sputter
- Top EU court finds against FIFA in key transfer market ruling
- Oil extends gains, Hong Kong stocks resume rally
- 'A man provides': Ukrainian miners send families away as Russia advances
- EU states greenlight extra tariffs on EVs from China
- Hong Kong stocks resume rally, oil dips after Middle East-fuelled surge
- Crude stable after Israel-Iran surge, Hong Kong stocks resume gains
- Hera spacecraft to probe asteroid deflected by defence test
- US dockworkers to head back to work after tentative deal
- After Helene's destruction, North Carolina starts to rebuild
- Dockers end three-day strike at Montreal port
- What next for OpenAI after $157 billion bonanza?
RYCEF | -0.15% | 6.87 | $ | |
CMSC | -0.53% | 24.57 | $ | |
RBGPF | 100% | 60.52 | $ | |
GSK | -0.49% | 38.63 | $ | |
NGG | -1.56% | 65.48 | $ | |
RIO | -0.11% | 69.62 | $ | |
BTI | -0.26% | 35.2 | $ | |
BCC | 1.68% | 141.27 | $ | |
SCS | -0.15% | 12.95 | $ | |
JRI | -0.76% | 13.18 | $ | |
RELX | -0.54% | 46.04 | $ | |
AZN | -0.78% | 76.87 | $ | |
VOD | 0.31% | 9.69 | $ | |
BP | 0.78% | 33.14 | $ | |
CMSD | -0.09% | 24.79 | $ | |
BCE | -0.54% | 33.53 | $ |
Stocks, crude rise on hope China will ease strict Covid measures
Stocks and oil prices rebounded strongly Tuesday, while the haven dollar weakened, on speculation that China would further ease strict Covid measures but investors remain cautious ahead of key US data and speeches later in the week.
Sentiment was boosted also after China avoided another night of protests, following a weekend of unrest sparked by the tough anti-Covid policy that is weighing on growth in the world's second biggest economy.
Stock market gains were led by big rallies in Hong Kong and Shanghai, with property firms enjoying a much-needed surge, also on moves to ease funding restrictions on troubled developers.
Europe's main stock markets were mainly higher in late afternoon trading.
But sentiment was tempered by warnings from top Federal Reserve policymakers that US interest rates would climb further and could go higher than initially thought to fight decades-high inflation.
US stocks edged lower early Tuesday ahead of key releases on consumer health before the festive shopping season kicks off.
"Risk-on sentiment has lifted European equities, boosted by a rally overnight in China," noted Victoria Scholar, head of investment at Interactive Investor.
Oil prices rebounded from 11-month lows, "boosted by improved sentiment towards demand from China", she added.
Qatar announced Tuesday its first major deal to send liquefied natural gas to Germany as Europe scrambles to find alternatives to Russian energy sources.
Qatar's Energy Minister Saad Sherida al-Kaabi said up to two million tons of gas a year would be sent for at least 15 years from 2026, and that state-run QatarEnergy was discussing other possible deals for Europe's biggest economy.
German inflation also unexpectedly slowed in November to 10 percent from a record high of 10.4 percent in October, preliminary data showed Tuesday.
Economists however cautioned against assuming inflation was now on a downhill path as households will likely face higher energy costs from January.
Market focus was meanwhile turning to the United States, with a number of Fed officials due to speak, including boss Jerome Powell.
Noting that there has not been "any carryover momentum from the Chinese markets" on Wall Street Tuesday, Patrick J. O'Hare of Briefing.com said it "suggests to us that market participants are more attuned for the time being to happenings closer to home" including Powell's speech Wednesday.
"Sure, the latest developments have helped temper some of yesterday's selling activity, but they have not ignited buying efforts," he added.
Friday sees the release of key US jobs data, which could provide an idea about the central bank's plans for monetary policy.
Bets on a slowdown in its pace of rate hikes have boosted markets for the past weeks, but some high-ranking members on Monday looked to play down the chances of a more dovish pivot.
- Key figures around 1445 GMT -
London - FTSE 100: UP 0.6 percent at 7,522.52 points
Frankfurt - DAX: DOWN 0.1 percent at 14,361.21
Paris - CAC 40: UP 0.2 percent at 6,678.44
EURO STOXX 50: FLAT at 3,937.97
New York - Dow: DOWN 0.1 percent at 33,801.67
Tokyo - Nikkei 225: DOWN 0.6 percent at 28,027.84 (close)
Hong Kong - Hang Seng Index: UP 5.2 percent at 18,204.68 (close)
Shanghai - Composite: UP 2.3 percent at 3,149.75 (close)
Brent North Sea crude: UP 2.7 percent at $85.48 per barrel
West Texas Intermediate: UP 2.4 percent at $79.07 per barrel
Euro/dollar: DOWN at $1.0344 from $1.0347 on Monday
Dollar/yen: DOWN at 138.70 yen from 138.87 yen
Pound/dollar: UP at $1.1968 from $1.1952
Euro/pound: DOWN at 86.44 pence from 86.50 pence
A.Levy--CPN