- 'Party atmosphere': Skygazers treated to another aurora show
- Kyrgyzstan opens rare probe into glacier destruction
- European Mediterranean states discuss Middle East, migration
- Thunberg leads pro-Palestinian, climate protest in Milan
- Stock markets diverge before China weekend briefing
- EU questions shopping app Temu over illegal products risk
- Han Kang's books sell out in South Korea after Nobel win
- Shanghai markets sink ahead of briefing on mixed day for Asia
- Investors, analysts eye bigger China stimulus at Saturday briefing
- Musk unveils robotaxi, pledges it 'before 2027'
- At least 11 dead in Florida but Hurricane Milton not as bad as feared
- Asian markets mixed after Wall St drop, Shanghai dips before briefing
- Automaker Stellantis says CEO will retire in 2026
- Musk's promised robotaxi unveil delayed
- On US coast, wind power foes embrace 'Save the Whales' argument
- At least 10 dead in Florida after Hurricane Milton spawns tornadoes
- Internet Archive reels from 'catastrophic' cyberattack, data breach
- Wall Street stocks retreat from records on US inflation data
- Israel strikes central Beirut, killing 22
- Solar storm could impact US hurricane recovery efforts: agency
- Delta eyes Election Day travel pullback as profits climb
- Florida battered by hurricane, floods but spared 'worst-case scenario'
- UK's William and Kate in first joint public engagement since cancer treatment
- Over 200 women in legal talks with Harrods over Fayed abuse claims
- A very stiff breeze: BBC says sorry for 20,000 kph wind forecast
- Musk finally unveiling his long-promised robotaxi
- London's Frieze art fair goes potty for ceramics
- US, Europe stocks fall on US inflation data
- US consumer inflation eases to 2.4% in September
- Hurricane Milton tornadoes kill four in Florida amid rescue efforts
- South Korea's Han Kang wins literature Nobel
- Ikea posts fall in annual sales after lowering prices
- Stock markets diverge, oil gains after China rebounds
- World can't 'waste time' trading climate change blame: COP29 hosts
- South Korean same-sex couples make push for marriage equality
- Mumbai declares day of mourning for Indian industrialist Ratan Tata
- 7-Eleven owner restructures to fight takeover
- Sri Lanka recovering faster than expected: World Bank
- Hong Kong, Shanghai rally as most markets track Wall St record
- Uniqlo owner reports record annual earnings
- Hong Kong, Shanghai rally as markets track Wall St record
- Indonesia biomass drive threatens key forests: report
- Mumbai mourns Indian industrialist Ratan Tata
- China opens $71 bn 'swap facility' to boost markets
- Asian markets track Wall St record as Hong Kong, Shanghai stabilise
- 'Denying my potential': women at Japan's top university call out gender imbalance
- China's central bank says opens up $70.6 bn in liquidity to boost market
- Youth facing unprecedented wave of violence, UN envoy warns
- 'A casino in every kitchen': Brazil's online gambling craze
- Nobel chemistry winner sees engineered proteins solving tough problems
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US stocks rebound as bank shares rally, while oil prices tumble
US and European stock markets rebounded on Tuesday amid easing worries over bank industry turmoil, while oil prices fell sharply on recession risks.
Shares of banks recovered after markets were rocked earlier this week by the collapse of two US regional lenders, which forced authorities to launch emergency measures aimed at preventing contagion across the sector.
Big jumps by First Republic Bank and other regional banks lent support to major US indices, with the S&P 500 piling on 1.7 percent.
"US banking stocks are on a rollercoaster ride, rising sharply following the steep sell-offs yesterday as worries seem to be lifting a little about contagion from the SVB (Silicon Valley Bank) collapse," said Susannah Streeter, head of money and markets at Hargreaves Lansdown.
The rally in New York came on the heels of a buoyant day in Europe, with London, Paris and Frankfurt all advancing at least one percent.
Investors also digested US data that showed the consumer price index rose six percent from a year ago, below January's figure and in line with expectations.
While this was the smallest annual rise since September 2021, the level remains well above policymakers' longer-term two percent inflation goal.
Federal Reserve Chair Jerome Powell initially said the central bank is prepared to increase the pace of rate hikes if necessary, but the collapse of SVB last week and New York-based Signature Bank may complicate its efforts.
Analysts at Goldman Sachs and Wells Fargo now predict the Fed will end its hiking cycle on March 22, while economists at JP Morgan and Oxford Economics see Fed policymakers voting for a quarter-point hike.
Taken together, the readings are "not good enough to stop the Fed hiking next week, provided markets are calm," said Ian Shepherdson, chief economist at Pantheon Macroeconomics.
Underlying inflation in services is "declining painfully slowly" as well, he said, adding that the progress will not be enough to placate more hawkish policymakers.
In other markets, oil prices finished at a four-month low, with US benchmark contract West Texas Intermediate falling nearly five percent to $71.33 a barrel.
"This whole banking situation, just has the oil market worried about the impact on the economy. It's just enhancing the recession fears," said John Kilduff of Again Capital.
"It reduces investor confidence or just confidence in the economy overall. It doesn't bode well for the outlook for energy, for oil demand," he added.
Among individual companies, Facebook parent Meta Platforms jumped 7.3 percent after announcing it will shed 10,000 jobs in the coming months and leave 5,000 other roles unfilled.
- Key figures around 2050 GMT -
New York - Dow: UP 1.1 percent at 32,155.40 (close)
New York - S&P 500: UP 1.7 percent at 3,920.56 (close)
New York - Nasdaq: UP 2.1 percent at 11,428.15 (close)
London - FTSE 100: UP 1.2 percent at 7,637.11 (close)
Frankfurt - DAX: UP 1.8 percent at 15,232.83 (close)
Paris - CAC 40: UP 1.9 percent at 7,141.57 (close)
EURO STOXX 50: UP 2.0 percent at 4,179.47 (close)
Tokyo - Nikkei 225: DOWN 2.2 percent at 27,222.04 (close)
Hong Kong - Hang Seng Index: DOWN 2.3 percent at 19,247.96 (close)
Shanghai - Composite: DOWN 0.7 percent at 3,245.31 (close)
Dollar/yen: UP at 134.20 yen from 133.21 yen on Monday
Euro/dollar: UP at $1.0735 from $1.0731
Pound/dollar: DOWN at $1.2156 from $1.2183
Euro/pound: UP at 88.29 pence from 88.08 pence
West Texas Intermediate: DOWN 4.6 percent at $71.33 per barrel
Brent North Sea crude: DOWN 4.1 percent at $77.45 per barrel
burs-jmb/bys
M.Mendoza--CPN