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- Facing backlash, EU moves to delay deforestation rules
- US private sector adds more jobs than expected in September: ADP
- Boys out of critical condition after Zurich stabbings
- Spain logs record summer tourism as inflow draws protests
- 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'
- Why are Thailand's roads so deadly?
- 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
- Prostitutes, prospectors drive spread in DR Congo mpox capital
- Oil extends rally after Iran attack, Hong Kong resumes surge
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- 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
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Oil price rises as OPEC backs higher output
Oil prices rose Thursday even as major crude producers agreed to boost output by more than the usual amount following an EU ban on Russian imports.
European shares rose in mid afternoon trading, with Frankfurt edging 0.6 percent higher and Paris up by more than one percent. London's FTSE 100 was shut for a holiday.
Wall Street stocks were little changed early Thursday following mixed labour data and a Microsoft earnings warning.
All eyes were on Vienna where the OPEC+ group of major oil producers, led by Saudi Arabia and Russia, agreed to boost oil output more than expected in light of the Russian invasion of Ukraine.
Producers had been expected to stick to their policy of only increasing output modestly, as they have done since May 2021.
But, amid soaring prices and hard on the heels of the EU ban on most Russian oil imports, pressure has been rising for the 23-member cartel to boost output to stabilise prices.
In the end, the group agreed to add 648,000 barrels per day to the market in July, up from 432,000 in previous months.
The move did not appear to be enough to calm oil markets, with the benchmark Brent crude up 0.4 percent at $116.79 per barrel and West Texas Intermediate also 0.5 percent higher at $115.80.
Soaring energy prices have fuelled growing inflation around the world, hampering economic growth and prompting central banks to hike rates.
Earlier in the day, oil prices had fallen more than two percent after a Financial Times report said that Saudi Arabia was considering a plan to boost output as Russia struggles to meet targets owing to Ukraine war-linked sanctions.
The FT report followed a Wall Street Journal article saying OPEC was considering removing Russia from an agreement that has locked producers into limited output increases, which analysts said could lead to an early end of the pact and allow nations to open the taps more.
Concerns about tighter Russian supplies have sent crude soaring this year, just as demand picks up owing to the reopening of economies but Riyadh has ignored previous calls to pump more.
"One can expect trading activity involving oil to remain volatile," Patrick J. O'Hare of Briefing.com said.
- 'Brace yourself' -
Asia was mostly in negative territory. Hong Kong shed one percent, while Tokyo, Sydney, Seoul, Singapore, Wellington, Manila, Jakarta and Taipei were also well down. Shanghai and Mumbai edged up.
Concern over the outlook was shared by Wall Street titan Jamie Dimon, who warned that the wave of unprecedented crises were combining to cause an economic superstorm.
"That hurricane is right out there down the road coming our way," the JPMorgan Chase & Co boss said. "We don't know if it's a minor one or Superstorm Sandy. You better brace yourself."
However, in sign of the huge uncertainty coursing through markets, a top strategist at the bank, Marko Kolanovic, painted a more positive picture, forecasting a market recovery through 2022.
"We remain positive on risky assets due to near record-low positioning, bearish sentiment, and our view that there will be no recession given support from US consumers, global post-Covid reopening, and China stimulus and recovery," he wrote in a note.
- Key figures at around 1345 GMT -
Frankfurt - DAX: UP 0.6 percent at 14,428.94
Paris - CAC 40: UP 1.1 percent at 6,486.85
EURO STOXX 50: UP 0.7 percent at 3,787.26
London - FTSE 100: Closed for a holiday
New York - Dow: DOWN 0.2 percent at 32,746.36
Tokyo - Nikkei 225: DOWN 0.2 percent at 21,413.88 (close)
Hong Kong - Hang Seng Index: DOWN 1.0 percent at 21,082.13 (close)
Shanghai - Composite: UP 0.4 percent at 3,195.46 (close)
Euro/dollar: UP at $1.0703 from $1.0658 on Wednesday
Pound/dollar: UP at $1.2536 from $1.2492
Euro/pound: UP at 85.36 pence from 85.25 pence
Dollar/yen: DOWN at 129.78 yen from 130.15 yen
Brent North Sea crude: UP 0.4 percent at $116.79 per barrel
West Texas Intermediate: UP 0.5 percent at $115.80 per barrel
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H.Cho--CPN