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World stocks mostly rise on recovery hopes before inflation data
Global stock markets mostly rallied Wednesday as investors were buoyed by optimism over China's reopening and looming data expected to show a further slowdown in US inflation.
Investors brushed off warnings that US interest rates would continue to rise, as well as the World Bank's downgrade to its global growth forecast.
Asian and European equities mainly fizzed higher after impressive New York gains rooted in the tech sector.
"Markets were relatively upbeat with a good showing on Wall Street last night which spilled over into a positive sentiment among investors in European stocks," said Russ Mould, investment director at stockbroker AJ Bell.
After wavering on Tuesday, markets resumed the upward push that has characterised the start of the year thanks to China's emergence from nearly three years of zero-Covid isolation.
The reopening, easing of Beijing's tech crackdown and moves to help the property sector have raised hopes for the world's number-two economy, a crucial driver of world growth.
"Many investors are starting to believe China's reopening could be faster than expected on pent-up demand, a robust economic rebound and fewer supply constraints," noted SPI Asset Management analyst Stephen Innes.
Focus this week is on Thursday's US consumer price index, which is expected to show that price gains eased further in December.
But while that could possibly allow the Federal Reserve to take a lighter approach to its monetary tightening campaign, policymakers continue to push back against any pivot away from rate hikes.
- Company news -
In London on Wednesday, shares in JD Sports topped the FTSE 100 index, jumping more than six percent after the retailer posted upbeat Christmas sales.
But Sainsbury dropped 1.6 percent after the supermarket group also logged rising festive sales -- but cautioned over the impact of the cost-of-living crisis.
Housebuilder Barratt Developments meanwhile slid 0.5 percent after it warned of a "marked slowdown" in the UK housing market, hit partly by economic uncertainty and rising home loan interest rates.
And cyber security firm Darktrace saw its share price tank more than 14 percent after cutting its annual revenue forecast due to the souring economic climate.
- Key figures around 1145 GMT -
London - FTSE 100: UP 0.7 percent at 7,744.15 points
Frankfurt - DAX: UP 1.2 percent at 14,950.50
Paris - CAC 40: UP 1.0 percent at 6,937.54
EURO STOXX 50: UP 1.1 percent at 4,103.25
Tokyo - Nikkei 225: UP 1.0 percent at 26,446.00 (close)
Hong Kong - Hang Seng Index: UP 0.5 percent at 21,436.05 (close)
Shanghai - Composite: DOWN 0.2 percent at 3,161.84 (close)
New York - Dow: UP 0.6 percent at 33,704.10 (close)
Euro/dollar: UP at $1.0752 from $1.0733 on Tuesday
Dollar/yen: UP at 132.57 yen from 132.26 yen
Pound/dollar: DOWN at $1.2128 from $1.2154
Euro/pound: UP at 88.65 pence from 88.32 pence
Brent North Sea crude: UP 0.6 percent at $80.56 a barrel
West Texas Intermediate: UP 0.2 percent at $75.23
Y.Ponomarenko--CPN