- Scientists unlock secret of 'Girl With Pearl Earring'
- Dolphins flash friendly grins when they're ready to play
- 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
- 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
RBGPF | -2.18% | 59.5 | $ | |
RYCEF | 1.42% | 7.03 | $ | |
CMSC | -0.04% | 24.76 | $ | |
BCC | 0.41% | 141.97 | $ | |
NGG | -1.32% | 69.135 | $ | |
GSK | -1.75% | 39.605 | $ | |
SCS | -1.03% | 13.065 | $ | |
RIO | 0.45% | 71.48 | $ | |
RELX | 0.11% | 47.39 | $ | |
CMSD | -0.16% | 24.9 | $ | |
VOD | -2.1% | 9.745 | $ | |
JRI | -0.13% | 13.513 | $ | |
AZN | 0.71% | 79.23 | $ | |
BCE | -0.81% | 34.55 | $ | |
BTI | -1.28% | 35.99 | $ | |
BP | 0.67% | 32.305 | $ |
Stocks, oil prices rise on China boost
Global stock markets and oil prices advanced Monday, helped by an easing of Covid lockdowns in the world's second biggest economy China.
London's stock market, reopening after a British public holiday to mark Queen Elizabeth II's Platinum Jubilee, shrugged off news that embattled British Prime Minister Boris Johnson was Monday to face a confidence vote from MPs in his own Tory party.
Elsewhere, eurozone stocks climbed ahead of a European Central Bank meeting Thursday when the ECB is is set to draw a line under its massive bond-buying stimulus programme.
Wall Street ended last week in the red as news of larger-than-expected jobs creation in the United States gave the Federal Reserve room to continue hiking interest rates amid decades-high inflation.
Stocks "have started the week on a positive note buoyed by a strong US jobs report on Friday", noted Victoria Scholar, head of investment at Interactive Investor.
Traders took heart also from a wind-down of Covid containment measures in China that have crippled its economy for months.
With infections trending down in major cities including Shanghai and Beijing, authorities have allowed some sense of normality to return, raising hopes for a pick-up in consumer activity.
"Positive news around Chinese economic activity and cheaper equity valuations could offer value from a long-term investment perspective, but volatility will remain high in the short-term," noted Diana Mousina, of AMP Capital.
- Oil boost -
Oil prices extended recent gains as a pledge by OPEC and other major producers to boost output fell short of what markets hoped for.
"Despite OPEC+'s increased output, prices could remain elevated driven by the EU partial ban on Russian imports, the easing of covid restrictions in China and peak driving season in the United States," said Scholar.
With supplies tight, Saudi Arabia has raised the price of the oil it sells to Asia.
Adding to the upbeat mood were comments from US commerce chief Gina Raimondo that she was considering lifting tariffs on some goods from China to help in the battle against inflation.
In foreign exchange, the British pound was higher heading into the confidence vote on Johnson's leadership.
"Markets have responded favourably to the news of the contest, with sterling appreciating," noted Samuel Tombs, chief UK economist at Pantheon Macroeconomics.
"This appears to reflect the general principle that markets favour Conservative governments, and the chances of the Tories winning the next election likely will be higher under a new leader."
Johnson's public image has suffered in the past year, most notably over the "Partygate" controversy that saw him become the first serving UK prime minister found to have broken the law.
The Conservative government has come under pressure also from a cost-of-living crisis in Britain as UK inflation stands at the highest level in four decades, driven by surging oil and gas prices.
- Key figures at around 1030 GMT -
London - FTSE 100: UP 1.4 percent at 7,640.39 points
Frankfurt - DAX: UP 1.0 percent at 14,601.10
Paris - CAC 40: UP 1.1 percent at 6,559.45
EURO STOXX 50: UP 1.3 percent at 3,832.54
Tokyo - Nikkei 225: UP 0.6 percent at 27,915.89 (close)
Hong Kong - Hang Seng Index: UP 2.7 percent at 21,653.90 (close)
Shanghai - Composite: UP 1.3 percent at 3,236.37 (close)
New York - Dow: DOWN 1.0 percent to 32,899.7 (close)
Brent North Sea crude: UP 0.5 percent at $120.35 per barrel
West Texas Intermediate: UP 0.5 percent at $119.51 per barrel
Euro/dollar: UP at $1.0743 from $1.0719
Pound/dollar: UP at $1.2560 from $1.2488
Euro/pound: DOWN at 85.52 pence from 85.81 pence
Dollar/yen: DOWN at 130.67 yen from 130.81 yen
U.Ndiaye--CPN