- Duo wins Physics Nobel for 'foundational' AI breakthroughs
- German 'Maddie' suspect could be free in 2025 after cleared of separate sex crimes
- China slaps provisional tariffs on EU brandy imports
- Duo wins Physics Nobel for key breakthroughs in AI
- German 'Maddie' suspect could be free soon after cleared of separate sex crimes
- China says to take anti-dumping measures against EU brandy imports
- China stocks rally fizzles on stimulus worries amid Asia retreat
- China stocks rally peters out on stimulus worries amid Asia retreat
- Taiwan's Foxconn says building world's largest 'superchip' plant
- Nobel literature jury may go for non-Western writer
- From Bolivia to Indonesia, deforestation continues apace
- 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
CMSC | -0.53% | 24.57 | $ | |
RIO | -0.11% | 69.62 | $ | |
RBGPF | 100% | 60.52 | $ | |
NGG | -1.56% | 65.48 | $ | |
RYCEF | -0.15% | 6.87 | $ | |
SCS | -0.15% | 12.95 | $ | |
GSK | -0.49% | 38.63 | $ | |
BTI | -0.26% | 35.2 | $ | |
RELX | -0.54% | 46.04 | $ | |
CMSD | -0.09% | 24.79 | $ | |
AZN | -0.78% | 76.87 | $ | |
BCC | 1.68% | 141.27 | $ | |
VOD | 0.31% | 9.69 | $ | |
JRI | -0.76% | 13.18 | $ | |
BCE | -0.54% | 33.53 | $ | |
BP | 0.78% | 33.14 | $ |
Stocks rise as China eases more Covid measures
Most stocks rose on Monday as traders welcomed more easing of strict Covid containment measures in China that have hammered the world's number-two economy.
The moves helped offset a forecast-busting US jobs report that dented hopes that the Federal Reserve will take a softer approach to hiking interest rates in its battle against inflation.
Investor sentiment has picked up considerably in recent weeks on indications the US central bank will slow down its monetary tightening as price rises appear to be slowing and the economy weakens.
That has come as Chinese leaders take a more pragmatic approach to fighting Covid after recent protests across the country that also called for more political freedoms.
The harsh zero-Covid strategy -- which saw major cities including Shanghai locked down for months -- has been blamed for a sharp slowdown in economic growth this year and sent shudders through markets.
The move to reopening helped fuel "market optimism about the tailwinds of a likely acceleration in growth in 2023 for China-sensitive assets", said SPI Asset Management's Stephen Innes.
"Although there have been several local changes to Covid policies, China has yet to shift away from the zero-Covid policy officially. Instead, they are trying to balance the expected reopening surge in Omicron cases against minimising economic and social costs."
The brighter outlook lifted Asian markets with Hong Kong leading the way, jumping more than four percent while Shanghai put on more than one percent.
There were also gains in Tokyo, Sydney, Wellington, Singapore, Taipei and Manila.
London opened marginally higher, though Paris and Frankfurt inched down.
The prospect of the world's number-two economy kicking back into gear helped traders overcome data on Friday showing far more jobs than expected were created in the United States in November.
A big jump in wages added to concerns that the economy remained hot, meaning the Fed still had plenty of work to do to get inflation down to its two percent target.
"If next week's consumer price index data stays hot... then our forecast for the Fed funds rate to be raised by 50 basis points each in December and February to hit 4.75-5.00 percent may prove too low," said Mansoor Mohi-uddin, of Bank of Singapore.
"If the Fed instead needs to keep hiking well into 2023 then the near-term outlook for risk assets will remain challenging for investors."
Still, the dollar remained under pressure against its main peers as investors lower their expectations for US borrowing costs.
China's yuan was among the best performers, breaking below the seven per dollar level for the first time in almost three months.
The reopening of China also lifted oil prices as demand expectations improved, while a decision by OPEC and top producers to not lift output also boosted the commodity.
Still, Innes added: "One major obstacle to prompt oil prices is that a widespread official reopening is unlikely to occur until spring. So, demand could remain exceptionally soft, including in the initial stages of a broader reopening of the economy."
- Key figures around 0820 GMT -
Tokyo - Nikkei 225: UP 0.2 percent at 27,820.40 (close)
Hong Kong - Hang Seng Index: UP 4.5 percent at 19,518.29 (close)
Shanghai - Composite: UP 1.8 percent at 3,211.81 (close)
London - FTSE 100: FLAT at 7,556.74
Euro/dollar: UP at $1.0545 from $1.0531 on Friday
Dollar/yen: UP at 134.90 yen from 134.27 yen
Pound/dollar: UP at $1.2300 from $1.2296
Euro/pound: UP at 85.79 pence from 85.73 pence
West Texas Intermediate: UP 0.7 percent at $80.50 per barrel
Brent North Sea crude: UP 0.6 percent at $86.04 per barrel
New York - Dow: UP 0.1 percent at 34,429.88 (close)
M.Anderson--CPN