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- Will AI one day win a Nobel Prize?
- Climate change, economics muddy West's drive to curb Chinese EVs
- Argentina's Milei vetoes university budget after huge protests
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- 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
CMSD | -0.04% | 24.93 | $ | |
BCC | -1.33% | 139.53 | $ | |
NGG | -1.85% | 68.78 | $ | |
SCS | -2.56% | 12.87 | $ | |
BCE | -1.13% | 34.44 | $ | |
RIO | -0.48% | 70.82 | $ | |
GSK | -2.15% | 39.45 | $ | |
BTI | -1.33% | 35.97 | $ | |
CMSC | 0.04% | 24.78 | $ | |
BP | 0.86% | 32.37 | $ | |
RBGPF | 100% | 59.99 | $ | |
JRI | -1.12% | 13.38 | $ | |
RYCEF | 0.14% | 6.91 | $ | |
RELX | -0.11% | 47.29 | $ | |
AZN | 1.14% | 79.58 | $ | |
VOD | -2.16% | 9.74 | $ |
Stocks, oil prices push higher
Global stock markets and oil prices rose Friday following recent heavy losses on fears that interest rate hikes aimed at cooling decades-high inflation will spark a global recession.
London stocks rallied 1.7 percent with investors brushing aside news of bruising defeats for Britain's ruling Conservatives in by-elections on Thursday.
The pound firmed against the dollar and euro, despite data showing a drop in UK retail sales volumes as inflation soars.
Paris stocks jumped 2.2 percent in eurozone trade, while Frankfurt rose 0.9 percent with gains tempered by news of the worsening German business climate.
"Stock markets are taking a breather after being beat up... as recession fears took their toll," OANDA trading platform analyst Craig Erlam told AFP.
But he warned that stock markets remain "vulnerable to another onslaught if the news does not improve".
Asian stock markets closed higher after Thursday's gains on Wall Street.
Wall Street kept on rising at the opening bell on Friday, with the Dow adding 0.9 percent.
The recoveries come after global markets have been thrown into turmoil for months owing to soaring inflation, interest-rate hikes, the Ukraine war and China lockdowns.
Federal Reserve boss Jerome Powell this week told lawmakers a recession was "certainly a possibility".
He suggested officials were ready to press on with big rate hikes, following last week's three-quarter point increase for US borrowing costs that sent markets tanking.
By contrast, the Bank of Japan is sitting tight over interest rate rises, even as the country's inflation stands at a seven-year high.
Sentiment in Asia has meanwhile been boosted by comments from Chinese President Xi Jinping suggesting an end to China's tech crackdown as well as possible new measures aimed at lifting the economy.
Hong Kong shares were among the biggest winners Friday thanks to a rally in tech giants including Alibaba, Tencent and NetEase.
Analysts have been pointing to falling commodity prices in the face of a possible recession means reduced need for sharp interest rate hikes as one possible reason for the rebound in sentiment for equities.
"Falling interest rates and falling commodity prices, which typically go hand-in-hand with a growth slowdown, have been held out as developments working in favor of the rebound effort," said Patrick O'Hare, analyst at Briefing.com.
"There is some truth to that, knowing that rising interest rates and rising commodity prices have been upsetting factors for most of the year, but one has to be careful stretching the credibility of those rally catalysts knowing that slower growth is going to translate into lower earnings growth prospects" for companies, he added.
- Key figures at around 1330 GMT -
London - FTSE 100: UP 1.7 percent at 7,139.90 points
Frankfurt - DAX: UP 0.9 percent at 13,029.12
Paris - CAC 40: UP 2.2 percent at 6,013.21
EURO STOXX 50: UP 1.8 percent at 3,497.44
New York - Dow: UP 0.9 percent at 30,960.32
Tokyo - Nikkei 225: UP 1.2 percent at 26,491.97 (close)
Hong Kong - Hang Seng Index: UP 2.1 percent at 21,719.06 (close)
Shanghai - Composite: UP 0.9 percent at 3,349.75 (close)
Euro/dollar: UP at $1.0531 from $1.0523 late Thursday
Pound/dollar: UP at $1.2278 from $1.2260
Euro/pound: DOWN at 85.77 pence from 85.83 pence
Dollar/yen: UP at 135.07 yen from 134.95 yen
Brent North Sea crude: UP 1.2 percent at $111.38 per barrel
West Texas Intermediate: UP 1.5 percent at $105.82 per barrel
burs-rl/lth
L.K.Baumgartner--CPN