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- Argentina's Milei vetoes university budget after huge protests
- TotalEnergies plans to grow oil and gas production until 2030
- 2024 Nobels offer glimmer of hope as global crises mount
- Tokyo rallies on weak yen, Hong Kong reverses after surge
- Tunisia readies for vote as incumbent Saied eyes victory
- High childcare costs in US weigh on women's employment
- US voters seek help with crushing childcare costs
- Taiwan shuts down for second day as Typhoon Krathon to land
- Supercharged storms: how climate change amplifies cyclones
- Biden official urges talks as US port strike enters second day
- Huge protests in Argentina over public university cuts
- Rally in oil prices loses steam on mixed day for global stocks
- South America treated to rare 'ring of fire' eclipse
- Biden official says port strike deal not as far as parties think
- Mexico's new president offers apology for 1968 student massacre
- Historic funding round values OpenAI at $157 billion
- Mixed US car sales in Q3 as industry hopes for post-election bounce
- Thunderstorms are a 'boiling pot' of gamma rays, scientists find
- 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
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SCS | -2.56% | 12.87 | $ | |
CMSC | 0.04% | 24.78 | $ | |
RIO | -0.48% | 70.82 | $ | |
CMSD | -0.04% | 24.93 | $ | |
NGG | -1.85% | 68.78 | $ | |
RBGPF | 100% | 59.99 | $ | |
BCE | -1.13% | 34.44 | $ | |
RYCEF | 0.14% | 6.91 | $ | |
BTI | -1.33% | 35.97 | $ | |
VOD | -2.16% | 9.74 | $ | |
RELX | -0.11% | 47.29 | $ | |
BCC | -1.33% | 139.53 | $ | |
AZN | 1.14% | 79.58 | $ | |
GSK | -2.15% | 39.45 | $ | |
JRI | -1.12% | 13.38 | $ | |
BP | 0.86% | 32.37 | $ |
European stocks rise despite recession worries
Europe's main stock markets rebounded on Monday after a mixed Asian session following tumultuous sessions last week over recession fears.
Bitcoin regained $20,000 after sinking to an 18-month low of $17,599 in weekend deals because risk-averse investors had shunned the world's most popular cryptocurrency.
London's FTSE 100 rallied to close 1.5 percent higher, with sentiment boosted by news of a blockbuster takeover offer for publisher Euromoney.
Frankfurt stocks finished 1.1 percent higher while Paris gained 0.6 percent after French President Emmanuel Macron and his allies faced political deadlock after losing their parliamentary majority in weekend elections.
Wall Street, shut on Monday for a US public holiday, had risen on Friday, though the broad-based S&P 500 lost 5.8 precent for the week, its worst performance since 2020.
"Stability often comes before recovery and markets being more composed would suggest investors are no longer panicking," said Russ Mould, investment director at broker AJ Bell.
Markets were rocked last week by a fierce selloff after the US Federal Reserve's sharp interest rate hike -- the biggest in nearly 30 years -- and a warning of more to come as inflation soars.
The Fed's move was followed by the fifth straight rate increase in Britain and the Swiss central bank's first hike since 2007, raising concerns that such moves will drive countries into recession.
"There has undoubtedly been a shift in the market mindset over the last week and a half that has weighed heavily on risk assets," said Craig Erlam, analyst at OANDA online trading platform.
"The prospect of a recession is being considered far more broadly and what's more, central banks are increasingly resisting the urge to push back against it," he said.
Cleveland Fed chief Loretta Mester added to the worry, warning that the risk of a US recession was increasing and it would take several years to bring inflation down from four-decade highs to the bank's two-percent target.
She told CBS's "Face The Nation" on Sunday that while she was not predicting a contraction, the Fed's decision not to act sooner to fight rising prices was hurting the economy.
Analysts warned there was likely to be more pain ahead for traders as the Ukraine war -- which has sent energy and food prices soaring this year -- drags on and uncertainty continues to reign.
Oil prices stabilised on Monday after Friday's hefty losses on demand worries caused by the prospect of a world recession.
However, US Energy Secretary Jennifer Granholm said prices could continue to surge if the European Union cut off imports of the commodity from Russia in response to the Ukraine war.
- Key figures at around 1620 GMT -
London - FTSE 100: UP 1.5 percent at 7,121.81 points (close)
Frankfurt - DAX: UP 1.1 percent at 13,265.60 (close)
Paris - CAC 40: UP 0.6 percent at 5,920.09 (close)
EURO STOXX 50: UP 0.9 percent at 3,469.33
Tokyo - Nikkei 225: DOWN 0.7 percent at 25,771.22 (close)
Hong Kong - Hang Seng Index: UP 0.4 percent at 21,163.91 (close)
Shanghai - Composite: FLAT at 3,315.43 (close)
New York - Dow: DOWN 0.1 percent at 29,888.78 (close)
Euro/dollar: UP at $1.0528 from $1.0499 late Friday
Pound/dollar: UP at $1.2243 from $1.2241
Euro/pound: UP at 86.02 pence from 85.77 pence
Dollar/yen: UP at 135.06 yen from 135.02 yen
Brent North Sea crude: UP 0.6 percent at $113.78 per barrel
West Texas Intermediate: UP 0.5 percent at $108.52
burs-lth/jj
Y.Tengku--CPN