- Hedi Slimane quits as Celine's artistic director
- Oil prices extend rally on Iran attack
- Spain welcomed record number of tourists this summer
- France says coming tax hikes on the wealthy to be 'temporary'
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- Oracle to invest $6.5 bn in Malaysian cloud services region
- Parkrun marks 20 years of a free weekly jog, run... or walk
- Oil extends rally after Iran attack, Hong Kong soars again
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- Oil extends rally after Iran attack, Hong Kong resumes surge
- Extreme heat another form of death sentence in Texas jails
- Can music help plants grow? Study suggests sound boosts fungus
- Nike earnings drop, says turnaround will take time
- US dockworkers launch mass strike a month before election
- Iron Dome: Israel's key anti-missile shield
- Cranes stand still as US dockworkers fight for 'future'
- 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
Global stocks push higher as US inflation shows signs of moderating
Global stocks pushed higher on Friday, with US indices snapping a slump of weekly losses, while oil prices rallied to their highest level in two months.
Following a positive day in European and Asian stock bourses, Wall Street stocks enjoyed another session entirely in positive territory, finishing higher for a third straight session.
It's been a blistering 2022 thus far for US equities as the Federal Reserve has launched aggressive steps to tighten monetary policy in response to inflation.
But the Dow finished at 33,212.96, up 1.8 percent for the day or 6.2 percent for the week. The index had posted weekly losses the last eight weeks.
"The market itself was oversold and we knew that we were overdue for a bounce," Quincy Krosby, chief equity strategist of LPL Financial.
A catalyst was Commerce Department data that showed the personal consumption expenditures (PCE) price index climbed 0.2 percent after several months of accelerating at more than twice that pace.
The data gives support to the argument from stock market bulls that the US economy is moving past -- or has progressed from -- a period of "peak inflation" -- indicating there will be less grim consumer price news in the months ahead.
The report also showed US personal income rose 0.4 percent in April compared to March, and consumers continued to increase spending.
"Encouragingly, the latest US personal spending data showed that US consumers were still inclined to spend money with a rise of 0.9 percent, which was slightly higher than markets had been expecting," said Michael Hewson at CMC Markets.
Meanwhile, oil prices also forged higher, with Brent futures ending up 1.7 percent at $119.43 a barrel. Analysts cited speculation of a compromise deal in the European Union to ban Russian crude imports.
Back in Asia, investors were in a buying mood as Hong Kong jumped more than two percent, with market heavyweight Alibaba piling on more than 11 percent and search engine Baidu advancing 15 percent.
The two firms posted better-than-expected sales growth in the January-March quarter, soothing fears about the impact of Covid and inflation on their bottom lines.
Hong Kong's tech index jumped nearly three percent, with other giants also enjoying buying interest with JD.com and Meituan sharply up.
The reports were much-needed pieces of good news out of the world's second-biggest economy, which is being battered by lockdowns in major cities as leaders refuse to budge from their zero-Covid strategy.
- Key figures at around 2100 GMT -
New York - Dow: UP 1.8 percent at 33,212.96 (close)
New York - S&P 500: UP 2.5 percent at 4,158.24 (close)
New York - Nasdaq: UP 3.3 percent at 12,131.13 (close)
London - FTSE 100: UP 0.3 percent at 7,585.46 (close)
Frankfurt - DAX: UP 1.6 percent at 14,462.19 (close)
Paris - CAC 40: UP 1.6 percent at 6,515.75 (close)
EURO STOXX 50: UP 1.8 percent at 3,808.86 (close)
Tokyo - Nikkei 225: UP 0.7 percent at 26,7781.68 (close)
Hong Kong - Hang Seng Index: UP 2.9 percent at 20,697.36 (close)
Shanghai - Composite: UP 0.2 percent at 3,130.24 (close)
Euro/dollar: UP at $1.0739 from $1.0725 on Thursday
Pound/dollar: UP at $1.2631 from $1.2600
Euro/pound: DOWN at 84.99 pence from 85.12 pence
Dollar/yen: DOWN at 127.09 yen from 127.12 yen
Brent North Sea crude: UP 1.7 percent at $119.43 per barrel
West Texas Intermediate: UP 0.9 percent at $115.07 per barrel
burs-jmb/mdl
M.Anderson--CPN