- US dockworkers to head back to work after tentative deal
- After Helene's destruction, North Carolina starts to rebuild
- Dockers end three-day strike at Montreal port
- What next for OpenAI after $157 billion bonanza?
- Israel-Hamas war causes 86-percent dive in Gaza GDP: IMF
- Milan's Morata moves house after Inter-fan town mayor 'violates' privacy
- 'Devastating' storm hits Augusta National but Masters will go on
- Relief in Brazil, Asia over delay to EU deforestation rules
- Oil prices jump, stocks fall on Middle East tensions
- Biden says 'discussing' possible Israeli strikes on Iran oil facilities
- Oil prices rise, stocks fall on Middle East tensions
- Oil rallies, stocks mostly retreat on Middle East tensions
- Phasing out teen smoking could save 1.2 mn lives: study
- 'Welcome relief': Asia producers hail EU deforestation law delay
- Japan PM slated to announce plans for 'happiness index'
- Turkish inflation falls less than expected in September at 49.4%
- Easing inflation lifts profit at UK supermarket Tesco
- Skiing calls on UN climate science to combat melting future
- China wine industry looks to breed climate resilience
- Tokyo rallies on weak yen, Hong Kong drops after surge
- Dutch airline KLM unveils 'firm' cost-cutting measures
- Carpe diem: the Costa Rican women turning fish into fashion
- Senegal looks to aquaculture as fish stocks dwindle
- 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
- 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
RBGPF | -1.35% | 59.99 | $ | |
SCS | -1.98% | 12.62 | $ | |
BCC | -0.9% | 138.29 | $ | |
RYCEF | 1.15% | 6.98 | $ | |
CMSC | -0.16% | 24.74 | $ | |
RELX | -1.46% | 46.61 | $ | |
CMSD | -0.16% | 24.89 | $ | |
RIO | -1.42% | 69.83 | $ | |
GSK | -2.81% | 38.37 | $ | |
JRI | -0.6% | 13.3 | $ | |
NGG | -2.7% | 66.97 | $ | |
AZN | -2.12% | 77.93 | $ | |
VOD | -0.52% | 9.69 | $ | |
BCE | -1.77% | 33.84 | $ | |
BP | 0.28% | 32.46 | $ | |
BTI | -2.45% | 35.11 | $ |
Stocks advance, euro rallies ahead of ECB meeting
Stock markets mostly advanced on Tuesday, while the euro rallied against the dollar as traders looked ahead to a key European Central Bank meeting later this week.
US indices piled on more than two percent on optimism about the earnings season, following the upbeat tone of the companies that have reported so far.
"So far we've heard good earnings from the banks and the financials," said Jack Ablin, chief investment officer of Cresset Asset Management. "We have to hear from other sectors before we make a conclusion. But the results we've seen so far are impressive."
European stocks also had a good day, with Frankfurt's DAX jumping 2.7 percent on hopes that Russia will resume gas deliveries by pipeline later this week.
Russia has halted gas deliveries to Germany via the Nord Stream 1 pipeline, ostensibly due to technical problems, but there have been widespread concerns Moscow won't restart deliveries on Thursday as scheduled in retaliation for European sanctions over the invasion of Ukraine.
Deliveries via the pipeline are critical for Europe to fill its reserves to a sufficient level to make it through the winter without supply disruptions.
Markets have been worried Russia turning off the taps will push European economies into recession, particularly Germany, where several major industrial sectors are heavily dependent upon gas imports.
Citing people familiar with the matter, Bloomberg News reported Tuesday that Russian company Gazprom was poised to resume deliveries through the pipeline at reduced capacity.
The euro, meanwhile, rose against the dollar and the British pound, as traders mulled whether the European Central Bank could hike interest rates more than expected to fight runaway inflation.
The ECB has signaled it would raise eurozone interest rates on Thursday for the first time in more than a decade but is under pressure to do more to tackle spiraling prices.
It intends to raise borrowing costs by a quarter point, the first such move since 2011.
"In all likelihood, the ECB will raise interest rates by 25 basis points this week and follow this up with a 50-basis-point move in September," noted Matthew Ryan, head of market strategy at financial firm Ebury.
"That said, we do not rule out a 50-basis-point rate hike at this week's meeting.
"We have already seen most major central banks deliver bumper rate increases in recent weeks in an attempt to control rampant price growth," Ryan added.
The Federal Reserve's aggressive rate tightening this year has sent the dollar soaring against most other currencies in recent weeks.
Last week, the euro fell below parity with the dollar for the first time in nearly 20 years, also on growing fears of a eurozone recession as high inflation hampers growth.
- Key figures at around 2040 GMT -
New York - Dow: UP 2.4 percent at 31,827.05 (close)
New York - S&P 500: UP 2.8 percent at 3,936.69 (close)
New York - Nasdaq: UP 3.1 percent at 11,713.15 (close)
London - FTSE 100: UP 1.0 percent at 7,296.28 (close)
Frankfurt - DAX: UP 2.7 percent at 13,308.41 (close)
Paris - CAC 40: UP 1.8 percent at 6,201.22 (close)
EURO STOXX 50: UP 2.2 percent at 3,587.44 (close)
Tokyo - Nikkei 225: UP 0.7 percent at 26,961.68 (close)
Hong Kong - Hang Seng Index: DOWN 0.9 percent at 20,661.06 (close)
Shanghai - Composite: FLAT percent at 3,279.43 (close)
Euro/dollar: UP at $1.0226 from $1.0143 on Monday
Pound/dollar: UP at $1.2002 from $1.1953
Euro/pound: UP at 85.19 pence from 84.86 pence
Dollar/yen: UP at 138.21 yen from 138.14 yen
West Texas Intermediate: UP 1.6 percent at $104.22 per barrel
Brent North Sea crude: UP 1.0 percent at $107.35 per barrel
burs-jmb/to
A.Agostinelli--CPN