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Stock markets surge on China stimulus
Stock markets and oil prices rallied Tuesday after China's central bank unveiled fresh stimulus measures to kickstart growth in the world's number two economy.
After a string of weak data that has fanned worries about the financial health of the country, China's central bank said it would cut a slew of rates to boost growth.
Wall Street shares extended gains at the open, with the Dow and S&P 500 each up less than 0.1 percent after hitting fresh records the previous day.
China's central bank gave markets a new boost after stocks rallied last week following the US Federal Reserve's first interest rate cut in more than four years.
Shanghai and Hong Kong stock markets closed up more than four percent, as China unveiled some of its boldest measures in years as it faces a prolonged property-sector debt crisis, continued deflationary pressure and high youth unemployment.
The Paris stock market led the way in Europe with a gain of 1.2 percent in afternoon deals, with the luxury fashion sector boosted by hopes of rebounding demand in China.
Frankfurt was up 0.6 percent, brushing off news that German business confidence deteriorated for a fourth straight month in September, according to a closely-watched survey.
Shares in German automakers surged as China is a key market for the sector.
London edged up 0.1 percent, helped by strong gains to mining groups on the news out of commodities-hungry China.
Oil prices won more than two percent. China is the world's top importer of crude.
China's measures "should be good news for commodity producers, stocks with links to the Chinese and Hong Kong property market, and European companies that sell to the Chinese consumer", said Kathleen Brooks, research director at broker XTB.
"This package could help the beleaguered German luxury car sector along with French luxury goods houses," she added.
Julian Evans-Pritchard, head of China economics at Capital Economics research group, said the action by Beijing represents "the most significant... stimulus package since the early days of the pandemic".
But he warned "it may not be enough", adding a full economic recovery would "require more substantial fiscal support than the modest pick-up in government spending that's currently in the pipeline".
Traders are now awaiting the release Friday of the personal consumption expenditures index -- the Fed's preferred inflation metric -- hoping for an idea about its next interest-rate move.
- Key figures around 1340 GMT -
New York - Dow: UP 0.1 percent at 42,149.03 points
New York - S&P 500: UP 0.1 percent at 5,722.23
New York - Nasdaq Composite UP 0.3 percent at 18,031.21
London - FTSE 100: UP 0.1 percent at 8,268.12
Paris - CAC 40: UP 1.2 percent at 7,601.42
Frankfurt - DAX: UP 0.6 percent at 18,950.92
Tokyo - Nikkei 225: UP 0.6 percent to 37,940.59 (close)
Hong Kong - Hang Seng Index: UP 4.1 percent to 19,000.56 (close)
Shanghai - Composite: UP 4.2 percent to 2,863.13 (close)
Euro/dollar: UP at $1.1137 from $1.1113 on Monday
Pound/dollar: UP at $1.3381 from $1.3345
Dollar/yen: UP at 144.19 yen from 143.57 yen
Euro/pound: DOWN at 83.24 pence from 83.27 pence
Brent North Sea Crude: UP 2.0 percent at $74.68 per barrel
West Texas Intermediate: UP 2.2 percent at $71.92 per barrel
H.Meyer--CPN