- US, European markets rise as investors weigh rates, earnings
- In Colombia, children trade plastic waste for school supplies
- JPMorgan Chase profits top estimates, bank sees 'resilient' US economy
- Little progress at key meet ahead of COP29 climate summit
- '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
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Markets extend global rally as banking sector fears ease
Asian and European markets rose Friday, extending a global rally, as traders welcomed multi-billion-dollar shows of support for troubled banks aimed at soothing concerns about contagion in the sector.
A rollercoaster week was on course to end on a positive note after several Wall Street titans including JP Morgan, Bank of America and Citigroup stumped up $30 billion to deposit into troubled First Republic.
The move came as investors feared the lender could suffer a run of withdrawals by customers worried it would follow Silicon Valley bank and Signature Bank, which went under last week and fuelled fears of another financial crisis.
"The actions of America's largest banks reflect their confidence in the country's banking system," the group of 11 banks said of a plan that was coordinated by US regulators.
Earlier, European giant Credit Suisse said it would borrow nearly $54 billion made available by the Swiss central bank to "support" the group.
Markets welcomed the measures, helping the Dow and S&P 500 rally more than one percent and the Nasdaq more than two percent.
"Worries over the banking sector are easing after the big banks offer support to First Republic and as the SNB gave Credit Suisse a lifeline," said OANDA's Edward Moya.
"Banking jitters are fading quickly for now and that has everyone scrambling back into risky assets."
Hong Kong, Tokyo, Taipei, Manila and Jakarta all rose more than one percent, while Shanghai, Sydney, Mumbai, Wellington, Seoul and Bangkok were also in the green.
London, Paris and Frankfurt rose at the open, having enjoyed solid gains on Thursday, as the head of France's central bank said European lenders were "extremely solid".
However, Meera Pandit, of JPMorgan Asset Management, warned that while there was plenty of relief, traders must remain wary.
"That the market is reacting relatively positively to the fact that we are applying some guardrails here shouldn't necessarily be a catalyst for markets to move much higher," she told Bloomberg TV.
"There is still some vulnerability here to a correction because we don't know how this continues to evolve."
- Fed's next move -
Commentators said the calmer waters in the banking sector would allow investors to refocus on the long-running subject of inflation and interest rate hikes.
Before the SVB crisis unfolded, there had been a widespread expectation the US Federal Reserve would ramp up its tightening campaign next week and push on for as long as needed until it had quelled inflation.
But with SVB's demise largely blamed on the sharp rise in borrowing costs -- fuelling fears of a repeat at other banks -- speculation has swirled that the Fed would stop hiking and maybe even cut rates to provide some stability.
A below-forecast reading on US wholesale prices added to that.
However, data showing a bigger-than-expected drop in first-time unemployment claims and a surge in housing starts and building permits showed the economy remained resilient and put fresh pressure on the Fed to stick to its guns.
Observers said the European Central Bank's decision to lift rates by 50 basis points, as it had been tipped to do before last weekend, suggested the Fed would also do so.
However, it did drop a reference to the need to raise rates "significantly" going forward, which was seen as a dovish step.
Analysts at BlackRock Investment Institute said they did not think officials would crack as they were determined to defeat inflation.
They expected the ECB and the Fed to "go as far as possible to distinguish their inflation-fighting campaigns from measures to deal with bank troubles and safeguard the financial system".
- Key figures around 0820 GMT -
Tokyo - Nikkei 225: UP 1.2 percent at 27,333.79 (close)
Hong Kong - Hang Seng Index: UP 1.6 percent at 19,518.59 (close)
Shanghai - Composite: UP 0.7 percent at 3,250.55 (close)
London - FTSE 100: UP 0.9 percent at 7,473.67
Dollar/yen: DOWN at 133.11 yen from 133.69 yen on Thursday
Euro/dollar: UP at $1.0668 from $1.0617
Pound/dollar: UP at $1.2169 from $1.2106
Euro/pound: UP at 87.66 pence from 87.62 pence
West Texas Intermediate: UP 1.0 percent at $69.05 per barrel
Brent North Sea crude: UP 1.0 percent at $75.45 per barrel
New York - Dow: UP 1.2 percent at 32,246.55 (close)
O.Hansen--CPN