- Small Quebec company dominates one part of NHL hockey: jerseys
- Boeing to cut 10% of workforce as it sees big Q3 loss
- Want to film in Paris? No sexism allowed
- 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
Stocks extend rally as bank panic eases
Stock markets extended gains on Tuesday, with bank shares rallying as fears of a financial crisis eased after authorities moved to shore up the sector.
Authorities in leading economies have pledged support for depositors and troubled lenders in efforts to calm the markets following the recent collapse of Silicon Valley Bank and Signature Bank in the United States.
In prepared remarks, US Treasury Secretary Janet Yellen will tell a conference of American banks that authorities are ready to protect deposits at other smaller lenders if they face bank runs "that pose the risk of contagion".
Deposit withdrawals have stabilised after US regulators stepped in last week to ensure SVB and Signature customers would still have access to their deposits.
The US Federal Reserve also introduced a new lending tool for banks in an effort to prevent a repeat of SVB's quick demise, and launched a drive with other major central banks this week to improve banks' access to liquidity.
"I believe that our actions reduced the risk of further bank failures," according to Yellen's remarks to the American Bankers Association.
The head of the association, Rob Nichols, said the sector "remains strong, resilient, well-capitalised, liquid and serves customers and communities extremely well".
The turmoil led to the Swiss government-backed buyout of troubled Credit Suisse by UBS for around $3.2 billion after frantic negotiations over the weekend.
But analysts warned it was too early to declare victory over the crisis, with the Credit Suisse takeover raising questions about which banks could be next on the chopping block.
"It's been a wild couple of weeks and while I, along with everyone else, am hopeful that the worst is behind us, I can't say I'm particularly confident," said Craig Erlam, analyst at OANDA trading platform.
While authorities can be commended "for their firefighting skills, only time will tell if they've been successful in extinguishing the flames," he said.
Wall Street opened higher on Tuesday while Europe's main indices gained almost two percent in afternoon deals as a relief rally continued following last week's drubbing.
European bank shares surged, with Commerzbank up almost seven percent, Barclays winning 5.6 percent and BNP Paribas up 4.3 percent.
On Wall Street, shares of First Republic Bank rebounded by 24 percent as the Wall Street Journal reported that JPMorgan Chase was leading talks with other big banks on providing fresh support to the troubled lender.
Major US banks already agreed to inject $30 billion into First Republic last week.
- Fed spotlight -
The spotlight will turn to the US Federal Reserve on Wednesday, when it will announce its latest interest rate decision.
The upheaval in the banking sector has led traders to re-evaluate their bets on the Fed's plans, with speculation swirling that it could cut borrowing costs by the end of the year to provide further stability.
This would follow a series of aggressive rate hikes carried out by the Fed and other central banks since late 2021 aimed at cooling soaring inflation.
Before the banking crisis kicked off, expectations were for US borrowing costs to go as high as six percent, but now forecasts are for them to end at around four percent.
They are currently at 4.5-4.75 percent, and there is much talk about whether the Fed holds fire on the decision or lifts rates by 25 basis points.
Lower expectations for US rate rises weighed on the dollar, while oil prices firmed after heavy losses in recent sessions as investors fretted that contagion from the banking woes could hurt economic growth.
- Key figures around 1340 GMT -
New York - Dow: UP 0.9 percent at 32,541.18 points
London - FTSE 100: UP 1.9 percent at 7,544.22
Frankfurt - DAX: UP 1.9 percent at 15,213.11
Paris - CAC 40: UP 1.8 percent at 7,138.40
EURO STOXX 50: UP 1.8 percent at 4,195.41
Hong Kong - Hang Seng Index: UP 1.4 percent at 19,258.76 (close)
Shanghai - Composite: UP 0.6 percent at 3,255.65 (close)
Tokyo - Nikkei 225: Closed for a holiday
Euro/dollar: UP at $1.0776 from $1.0726 on Monday
Pound/dollar: DOWN at $1.2226 from $1.2280
Euro/pound: UP at 88.14 pence from 87.32 pence
Dollar/yen: UP at 132.30 yen from 131.32 yen
Brent North Sea crude: UP 1.8 percent at $75.12 per barrel
West Texas Intermediate: UP 2.2 percent at $69.29 per barrel
burs-lth/gw
M.García--CPN