- GM reports US sales dip, but says EVs grew
- Sheinbaum takes office as Mexico's first woman president
- Webb telescope detects carbon dioxide on Pluto's largest moon
- Stock markets slump, oil jumps on Middle East concerns
- French PM vows more taxes and spending cuts ahead of budget fight
- Germany inaugurates IBM's first European quantum data centre
- Stock markets diverge as eurozone inflation drops further
- France's richest man takes control of Paris Match magazine
- Anger meets tear gas as Nigeria hardship protests fizzle out
- US dockworkers launch mass strike month before election
- Evacuations from Lebanon: what we know
- Feathers fly at Chanel's Paris fashion return
- UAE oil giant ADNOC swoops on German chemicals firm Covestro
- Eurozone inflation falls under 2% for first time since 2021
- Coldplay ticket scalping fiasco sparks backlash in India
- Droughts drive Spanish boom in pistachio farming
- Tokyo recovers some losses to lead Asian markets higher
- Rural schools empty in North Macedonia due to exodus
- US dockworkers launch strike after labor contract expires
- Thousands evacuated as Super Typhoon Krathon approaches Taiwan
- Kenya airport whistleblower fears for his life
- Sheinbaum to take office as Mexico's first woman president
- Scientists fear underfunded Argentina research on verge of collapse
- US port officials gird for strike despite last-minute bargaining
- With 118 dead from Hurricane Helene, Biden defends US government response
- Breeder who tried to create enormous trophy sheep jailed in US
- Qatar Airways seeking 25% stake in Virgin Australia
- US port officials gird for strike as labor talks stay stuck
- As toll crosses 100, Trump puts Hurricane Helene at election center stage
- US Fed Chair sees 'further disinflation' in economy
- Epic Games sues Google and Samsung over app store
- Officials see no shortages from likely US port strike
- UK families of Gaza hostages warn Lebanon attack 'takes focus away'
- Shares in Stellantis, Aston Martin skid on profit warnings
- Dali prints found in London garage sold at auction
- ECB chief backs bank mergers amid UniCredit, Commerzbank talk
- China stocks soar on stimulus, but US and Europe retreat
- 100 dead in storm Helene damage, flooding across US southeast
- China stocks soar on stimulus, Europe slides on automaker woes
- German antitrust watchdog steps up monitoring of Microsoft
- Nepal's urban poor count cost of 'nightmare' floods
- E.Guinea, Gabon clash at ICJ over oil-rich islands
- New blow for UK's Starmer as growth data disappoints
- China's top banks to tweak mortgage rates to boost housing market
- 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
CMSC | 0.16% | 24.76 | $ | |
NGG | 0.51% | 70.03 | $ | |
RELX | -0.13% | 47.398 | $ | |
GSK | -1.14% | 40.42 | $ | |
RIO | -0.27% | 70.98 | $ | |
CMSD | 0.24% | 24.84 | $ | |
RBGPF | 4.79% | 63.86 | $ | |
AZN | 1.03% | 78.72 | $ | |
RYCEF | -0.14% | 7.04 | $ | |
BCC | -0.16% | 140.76 | $ | |
BTI | -0.44% | 36.42 | $ | |
JRI | -1.07% | 13.525 | $ | |
BCE | 0.22% | 34.875 | $ | |
BP | 2.09% | 32.06 | $ | |
VOD | -0.75% | 9.945 | $ | |
SCS | -1.73% | 13.26 | $ |
Stocks diverge, oil extends losses
European stock markets rebounded Tuesday, Asian equities mostly sank and oil prices tumbled as traders reacted to fears over rising US interest rates fuelled by surging inflation and assessed the impact of China's prolonged Covid lockdowns.
World stock markets have been on a tempestuous ride this year, with Wall Street suffering another hit on Monday as the tech-rich Nasdaq slumped more than four percent, while the S&P 500 ended below 4,000 points for the first time since March 2021.
That followed hefty declines Monday in Europe, although key indices in Frankfurt, London and Paris had recovered some of those losses by the half-way stage Tuesday.
"After yet another miserable session in the US yesterday, Europe and pockets of Asia managed to... push ahead," noted Russ Mould, investment director at AJ Bell.
Investors were worried "about inflation, rising interest rates, a slowdown in the world economy, war in Ukraine, new Covid flare-ups in China, weakness in consumer spending and concerns that business investment might take a back seat", he added.
- Bitcoin woes -
Bitcoin on Tuesday slumped briefly under $30,000, reaching a 10-month low.
The volatile cryptocurrency has lost more than half its value since a November surge saw it reach a record-high of nearly $69,000.
While crypto enthusiasts view bitcoin as a hedge against inflation, an influx of more traditional investors tend to view it as a riskier asset.
They have been offloading bitcoin and other digital tokens along with other volatile assets like tech stocks as the US Federal Reserve moves to hike interest rates to tackle decades-high inflation.
Data on Tuesday showed inflation in Greece jumping by 10.2 percent in April, its highest level since 1995, while it reached its highest rate since 1984 in Denmark at 6.7 percent.
Inflation began to rise after countries emerged from Covid pandemic restrictions last year, but it worsened following Russia's invasion of Ukraine, which pushed energy and food prices even higher.
The Ukrainian economy is set to contract by almost one third this year in the wake of Russia's invasion, the European development bank said.
Ukraine output is set to contract 30 percent compared with an EBRD forecast of minus 20 percent given in March shortly after Moscow's military offensive.
Elsewhere Tuesday, oil prices fell further but the losses were less severe than the drops of more than six percent Monday on weaker demand concerns.
- Key figures at around 1045 GMT -
London - FTSE 100: UP 0.7 percent at 7,264.86 points
Frankfurt - DAX: UP 1.5 percent at 13,574.20
Paris - CAC 40: UP 1.0 percent at 6,147.03
EURO STOXX 50: UP 1.3 percent at 3,573.61
Hong Kong - Hang Seng Index: DOWN 1.8 percent at 19,633.69 (close)
Shanghai - Composite: UP 1.1 percent at 3,035.84 (close)
Tokyo - Nikkei 225: DOWN 0.6 percent at 26,167.10 (close)
New York - Dow: DOWN 2.0 percent at 32,245.70 (close)
Brent North Sea crude: DOWN 1.8 percent at $104.03 per barrel
West Texas Intermediate: DOWN 1.8 percent at $101.28 per barrel
Euro/dollar: DOWN at $1.0549 from $1.0563 on Monday
Pound/dollar: UP at $1.2355 from $1.2331
Euro/pound: DOWN at 85.36 pence from 85.64 pence
Dollar/yen: DOWN at 130.08 yen from 130.26 yen
P.Petrenko--CPN