- China offers $325 bn in fiscal stimulus for ailing economy
- 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
Stock markets jump on easing bank fears, Alibaba split
Stock markets advanced on Wednesday as fears of a banking crisis fade further in investors' rearview mirror while Chinese tech giant Alibaba's breakup plans boosted most Asian shares.
Measures taken by authorities to prevent a new global financial crisis appear to have calmed the markets following the failures of three US lenders and emergency sale of European banking giant Credit Suisse.
"With banking worries put on the back burner for now, with no further stresses in the system emerging, investors' appetite for a bit more risk is returning," noted Susannah Streeter, head of money and markets at Hargreaves Lansdown.
Wall Street opened higher while European markets were up in the afternoon and Asia finished broadly in the green.
Shares in Switzerland's biggest bank, UBS, jumped after it announced that former CEO Sergio Ermotti would return to lead its controversial takeover of troubled domestic rival Credit Suisse.
Ermotti, who was CEO from 2011 to 2020, is credited with restoring UBS' reputation following its bailout after the 2008 global financial crisis.
UBS chairman Colm Kelleher said the mega-merger carries a "huge amount of risk" but Ermotti said his return was a "call of duty".
In Britain, the Bank of England sought to further ease concerns about any risk of contagion from the recent turmoil in the financial system.
UK banks remain "resilient" and largely unaffected by the sector's upheaval in Switzerland and the United States, the central bank's Financial Policy Committee insisted.
"UK banks are not exposed to material direct losses associated with the failure of (US bank) SVB and takeover of Credit Suisse, and they have very limited direct exposure to regional US banks," it added.
- Alibaba boost -
Fawad Razaqzada, analyst at City Index and Forex.com, said "investor sentiment remained supported as the turmoil surrounding the global banking sector appears to be contained".
"On top of this, Alibaba buoyed sentiment in the tech sector after deciding to split into six business units," he added.
Hong Kong-listed Alibaba closed up more than 12 percent after announcing that it would split its $220 billion empire into six groups.
The Hangzhou-based firm said the changes were intended to "unlock shareholder value and foster market competitiveness".
Alibaba is one of China's most prominent tech firms, with operations spanning cloud computing, e-commerce, logistics, media and entertainment, and artificial intelligence.
The internet giant has faced unprecedented headwinds in recent years as Beijing has imposed tighter restrictions on the domestic tech industry.
Razaqzada said Wednesday's gains in the stock markets may also be due to "some bargain hunting for some downbeat stocks, which is an additional reason behind the firmer indices".
- Key figures around 1340 GMT -
New York - Dow: UP 0.7 percent at 32,621.83 points
London - FTSE 100: UP 0.9 percent at 7,554.29
Frankfurt - DAX: UP 1.1 percent at 15,311.25
Paris - CAC 40: UP 1.4 percent at 7,187.71
EURO STOXX 50: UP 1.4 percent at 4,224.40
Tokyo - Nikkei 225: UP 1.3 percent at 27,883.78 (close)
Hong Kong - Hang Seng Index: UP 2.1 percent at 20,192.40 (close)
Shanghai - Composite: DOWN 0.2 percent at 3,240.06 (close)
Euro/dollar: UP at $1.0840 from $1.0826
Pound/dollar: DOWN at $1.2310 from $1.2325
Euro/pound: UP at 88.06 pence from 87.84 pence
Dollar/yen: UP at 132.55 yen from 131.90 yen
Brent North Sea crude: UP 0.9 percent at $78.81 per barrel
West Texas Intermediate: UP 1.2 percent at $74.06 per barrel
burs-lth/giv
M.Mendoza--CPN