- Hong Kong stocks resume rally, oil dips after Middle East-fuelled surge
- Crude stable after Israel-Iran surge, Hong Kong stocks resume gains
- Hera spacecraft to probe asteroid deflected by defence test
- 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
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Wall Street stocks rally again, shrugging off weak GDP report
Wall Street stocks rose on Thursday despite data showing the US economy contracted for a second straight quarter, as investors took it as a signal the Federal Reserve may slow interest rate hikes.
Stocks initially fell after the economic report, which showed US gross domestic product declined at an annual rate of 0.9 percent in the second quarter, following an even bigger drop in the first three months of the year.
But markets pivoted later in the morning, betting that clear signs of economic weakness would prompt the Fed to ease off on steep increases in borrowing costs. The US central bank on Wednesday undertook its second straight 75 basis point increase, and signaled it is prepared to do more.
"The real catalyst ... is a belief that bad news (earnings disappointments and weak data) is good news (fewer rate hikes from the Fed)," Briefing.com said in an analysis.
Major US indices finished the session up around one percent, following even bigger gains Wednesday after investors welcomed comments by US Federal Reserve chief Jerome Powell, who said the central bank at some point would be able to slow the pace of rate hikes.
"Well, GDP was quite poor, so there won't be a hat-trick of 75 basis point hikes in September, that's for sure," said Fawad Razaqzada at City Index and FOREX.com.
"The US GDP data has re-affirmed my view that the Fed will have to slow down the pace of the hikes and potentially go in reverse in early 2023," he added.
Analysts also pointed to improved investor sentiment that has enabled stocks to advance despite lackluster earnings because the results have not been as bad as feared.
Also, many investors believe that "any downturn that we are going through will likely be mild," said Jack Ablin, chief investment officer of Cresset Asset Management.
But Ablin said it was still too soon to "declare victory" on inflation.
Earlier, European stock markets finished mostly higher.
Europe's energy sector was in particular focus with Britain's Shell and France's TotalEnergies posting bumper second-quarter profits on elevated oil and gas prices.
Asian indices mostly climbed following Wednesday's surge on Wall Street.
- Key figures at around 2030 GMT -
New York - Dow: UP 1.0 percent at 32,529.63 (close)
New York - S&P 500: UP 1.2 percent at 4,072.43 (close)
New York - Nasdaq: UP 1.1 percent at 12,162.59 (close)
London - FTSE 100: DOWN less than 0.1 percent at 7,345.25 (close)
Frankfurt - DAX: UP 0.9 percent at 13,282.11 (close)
Paris - CAC 40: UP 1.3 percent at 6,339.21 (close)
EURO STOXX 50: UP 1.2 percent at 3,652.20 (close)
Tokyo - Nikkei 225: UP 0.4 percent at 27,815.48 (close)
Hong Kong - Hang Seng Index: DOWN 0.2 percent at 20,622.68 (close)
Shanghai - Composite: UP 0.2 percent at 3,282.58 (close)
Euro/dollar: DOWN at $1.0197 from $1.0200 Wednesday
Pound/dollar: UP at $1.2177 from $1.2158
Euro/pound: DOWN at 83.70 pence from 83.89 pence
Dollar/yen: DOWN at 134.25 yen from 136.57 yen
Brent North Sea crude: UP 0.5 percent at $107.14 per barrel
West Texas Intermediate: DOWN 0.8 percent at $96.42 per barrel
burs-jmb/hs
J.Bondarev--CPN