- As EU targets Chinese cars, European rivals sputter
- Top EU court finds against FIFA in key transfer market ruling
- Oil extends gains, Hong Kong stocks resume rally
- 'A man provides': Ukrainian miners send families away as Russia advances
- EU states greenlight extra tariffs on EVs from China
- 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
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Asian markets up after oil drop, eyes on Taiwan and US jobs
Asian equities mostly rose Friday as a drop in oil prices to pre-Ukraine war levels stirred hopes of a slowdown in inflation and central bank interest rate hikes, while focus turns to key US jobs data later in the day.
However, while markets have enjoyed a broadly positive week, optimism remains at a premium as traders fret over issues including the conflict in Eastern Europe, China's military drills around Taiwan and a possible global recession.
Crude edged up but expectations that economies will contract -- dampening demand -- have sent the commodity tumbling more than 10 percent this week, with US data indicating Americans were driving less now than in summer 2020 at the height of the pandemic.
And while analysts are beating the drum of recession, traders are taking heart from the possibility of a reprieve from central bank monetary tightening.
"The recent fall in oil prices, which are now trading below the levels immediately before Russia's invasion of Ukraine, has contributed to the market's perception that inflation is likely to peak soon, taking pressure off the Fed to raise rates as aggressively," said National Australia Bank's Rodrigo Catril.
Traders will now be closely watching the release of a crucial US jobs report on Friday for a fresh snapshot of the world's top economy.
The Federal Reserve has said its rate decision will be guided by data, with signs of economic weakness seen as likely to mean any increases will be light.
Officials have said the economy remains healthy despite four-decade high inflation and a sharp lift in borrowing costs, while several have suggested they are open to more big increases to get on top of prices.
And SPI Asset Management's Stephen Innes said: "Though some high-frequency data suggest employment and inflation have softened in some parts of the economy, markets may wonder if they are soft enough to change the course for the Fed."
In a sign of the long road ahead, the Bank of England hiked rates by the most since it was made independent in 1997, and warned inflation will likely go higher than 13 percent while Britain will suffer an extended recession.
India on Friday lifted costs for the third time in four months to the highest level since summer 2019.
Wall Street provided a soft lead after recent gains, but Asia was largely higher.
Hong Kong, Tokyo, Shanghai, Sydney, Seoul, Jakarta, Mumbai and Singapore rose, though Bangkok, Wellington and Manila dipped.
London, Paris and Frankfurt dipped at the open.
Taipei surged more than two percent on easing concerns over a conflict with Beijing, even as China conducts its largest-ever military exercises around Taiwan in response to US House Speaker Nancy Pelosi's visit this week.
China launched a series of exercises in multiple zones Thursday, straddling some of the busiest shipping lanes in the world.
While Taipei did not say where the missiles landed or whether they flew over the island, Japan said that of the nine missiles it had detected, four were "believed to have flown over Taiwan's main island".
Geir Lode, of Federated Hermes, said: "For a world facing a whole raft of major challenges, there sure is a lot of optimism across equities right now.
"Inflation is challenging corporate earnings and weighing on consumer sentiment. Global recession appears probable as growth becomes ever more scarce. Geopolitical tensions and the growth in populism accelerate the trend towards localisation (and increase the risk of even darker futures). Climate change looms over us all.
"And yet equities this week have continued July’s strong rally."
- Key figures at around 0720 GMT -
Tokyo - Nikkei 225: UP 0.9 percent at 28,175.87 (close)
Hong Kong - Hang Seng Index: UP 0.2 percent at 20,222.15
Shanghai - Composite: UP 1.2 percent at 3,227.03 (close)
London - FTSE 100: DOWN 0.1 percent at 7,443.33
Euro/dollar: DOWN at $1.0231 from $1.0248 Thursday
Pound/dollar: DOWN at $1.2156 from $1.2166
Euro/pound: DOWN at 84.15 pence from 84.21 pence
Dollar/yen: UP at 133.14 yen from 132.95 yen
West Texas Intermediate: UP 0.9 percent at $89.32 per barrel
Brent North Sea crude: UP 0.8 percent at $94.85 per barrel
New York - Dow: DOWN 0.3 percent at 32,726.82 (close)
D.Goldberg--CPN