- Muslim women break taboos navigating east London's waterways
- Nepal dam-building spree powers electric vehicle boom
- More than 60 dead from storm Helene as rescue, cleanup efforts grow
- Dozens missing, 9 dead in migrant boat wreck off Spanish Canaries
- Death toll from Hurricane John hits eight in Mexico
- Storm Helene's toll rises as rescue and cleanup efforts gain pace
- SpaceX launches mission to return stranded astronauts
- Storm Helene kills 44, threatens more 'catastrophic' flooding as cleanup begins
- SpaceX set to launch mission to return stranded astronauts
- Storm Helene kills 44, threatens more 'catastrophic' flooding
- Boeing strike grinds on as latest talks fail to reach agreement
- Iran 'news' sites, hackers target Trump ahead of US election
- US ports brace for potential dockworkers strike
- Japan's speedy, spotless Shinkansen bullet trains turn 60
- US hurricane deaths rise to 44, fears of more 'catastrophic' flooding
- Global stocks mostly rise, cheering Beijing stimulus
- Europe en route for Moon with new simulator, says astronaut Pesquet
- Fireworks forecast if comet survives risky Sun flypast
- Argentina judge orders dictionary to delete pejorative definition of 'Jewish'
- Global stocks rise on rate hopes, Beijing stimulus
- S.African woman turns 118, among the oldest in the world
- UK clears $4 bn AI partnership between Amazon, Anthropic
- Barca fans barred from Champions League away game over racist banner
- Chinese stocks extend surge, Europe higher on Beijing stimulus
- Pope says Church must 'seek forgiveness' for child sexual abuse
- China caps week of 'bazooka' stimulus for ailing economy with rate cut
- Cuts, cash, credit: China bids to jumpstart flagging economy
- France's debt weighs heavier ahead of budget debate
- Iran treads carefully, backing Hezbollah while avoiding war
- Return to sender: waste stranded at sea stirs toxic dispute
- 'Broken' news industry faces uncertain future
- On remote Greek island, migratory birds offer climate clues
- Taken from mother by nuns, victim seeks answers as pope visits Belgium
- China cuts amount banks hold in reserve to boost lending
- Hong Kong, Shanghai extend surge as China optimism boosts markets
- Vietnam president reiterates support for Cuba during official visit
- Drought reduces Amazon River in Colombia by as much as 90%: report
- Stay or go? Pacific Islanders face climate's grim choice
- Florida bracing for 'unsurvivable' Hurricane Helene
- Poverty rises to over 52 percent in Milei's Argentina
- Chloe's see-through look may not be for Kamala Harris
- Champagne houses abuzz over English sparkling wine
- Macron, Trudeau pledge to work for 'decarbonized' economies
- Hurricanes, storms, typhoons... Is September wetter than usual?
- China stimulus, tech optimism boost stock markets
- 'Unsurvivable' Hurricane Helene races towards Florida
- Macron meets Trudeau in Canada as both face political setbacks
- South Korea surges in UN innovation index
- Chloe's see-through look may not be for Kamala
- Floods threaten Niger's historic 'gateway to the desert'
Stocks rise despite jump in oil, metals prices
US and European equity markets rallied Wednesday despite another jump in the price of oil and other commodities, taking solace from Federal Reserve comments suggesting a patient approach to hiking interest rates.
In the first of two congressional hearings, Fed Chair Jerome Powell adopted a moderate tone when it came to the need to balance the fight against inflation with the uncertain economic toll of the Russian invasion of Ukraine.
"The near-term effects on the US economy of the invasion of Ukraine, the ongoing war, the sanctions, and of events to come, remain highly uncertain," he said in his semi-annual testimony to Congress. "We will be monitoring the situation closely."
Powell's comments came a few hours after major oil exporters declined to increase output more quickly despite the Russian invasion.
The decision by Saudi Arabia, Russia and other top oil exporters lifted crude to multi-year highs, with futures for West Texas Intermediate for delivery in April jumping seven percent to $110.60.
Bjarne Schieldrop, chief commodities analyst at SEB, noted that "the global economy is facing energy starvation right now," while adding that "demand destruction will set a limit to the upside eventually," given the tightening of the physical oil market owing to sanctions towards Russia.
Other commodities also continued to rally, with European natural gas benchmarks hitting all-time highs, along with aluminum prices, amid worries over metals production from Russia.
"Supply outages from Russia are now but a question of time," said a note from Commerzbank. "Depending how long they last, they could cause turmoil on the markets –- in which case metals prices would presumably rise significantly further."
Still, solid gains by European equity bourses were followed by an upbeat US session, which saw the S&P 500 pile on nearly two percent.
"I'm not sure broader market sentiment has improved in any way since yesterday given the intensification of the invasion of Ukraine and soaring oil prices -- but equity markets are seeing some reprieve," said Craig Erlam, senior market analyst with Oanda.
In a hearing with House lawmakers, Powell said he favored a modest quarter-point increase in the benchmark borrowing rate rather than a more aggressive, half-point hike for the first step expected at the central bank's meeting later this month.
But, he said, "We will need to be nimble in responding to incoming data and the evolving outlook," and left open the possibility of bigger moves if inflation stays high.
Among individual companies, Ford jumped 8.4 percent as it announced it is creating separate businesses for its conventional and electric-auto operations, as it accelerates its build-out of emission-free vehicles.
- Key figures around 2140 GMT -
Brent North Sea crude: UP 7.6 percent at $112.93 per barrel
West Texas Intermediate: UP 7.0 percent at $110.60 per barrel
New York - Dow: UP 1.8 percent at 33,891.35 (close)
New York - S&P 500: UP 1.9 percent at 4,386.54 (close)
New York - Nasdaq: UP 1.6 percent at 13,752.02 (close)
London - FTSE 100: UP 1.4 percent at 7,429.56 (close)
Frankfurt - DAX: UP 0.7 percent at 14,000.11 (close)
Paris - CAC 40: UP 1.6 percent at 6,498.02 (close)
EURO STOXX 50: UP 1.5 percent at 3,820.59 (close)
Tokyo - Nikkei 225: DOWN 1.7 percent at 26,393.03 (close)
Hong Kong - Hang Seng Index: DOWN 1.8 percent at 22,343.92 (close)
Shanghai - Composite: DOWN 0.1 percent at 3,484.19 (close))
Euro/dollar: UP at $1.1126 from $1.1125 late Tuesday
Pound/dollar: UP at $1.3405 from $1.3325
Euro/pound: DOWN at 82.95 pence from 83.49 pence
Dollar/yen: UP at 115.51 yen from 114.92 yen
burs-jmb/cs
M.Anderson--CPN