- Italy targets climate activists in 'anti-Gandhi' demo clampdown
- US trade chief defends tariff hikes when paired with investment
- EU court blocks French ban on vegetable 'steak' labelling
- Meta AI turns pictures into videos with sound
- US dockworkers return to ports after three-day strike
- DR Congo to begin mpox vaccination campaign Saturday in east
- Meta must limit data use for targeted ads: EU court
- Oil extends gains, jobs report lifts Wall Street
- US hiring soars past expectations in sign of resilient market
- 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
Wall Street stages recovery from previous day's rout
Wall Street stocks ended with gains Wednesday, retracing some of the losses from one day earlier driven by stronger-than-expected US inflation data that sparked fears of more Federal Reserve interest rate hikes.
The S&P 500 rose 0.3 percent. The dollar edged down in choppy trade, as oil prices climbed.
The US inflation data still pulled European and Asian equities sharply lower, London the heaviest faller in Europe after news that UK inflation had slowed last month but remained close to a 40-year high.
US shares were battered Tuesday by the consumer price index data showing widespread inflation pressures, and though the annual CPI pace slowed in August, prices unexpectedly increased in the month compared to July.
The disappointing result left investors bracing for the Federal Reserve to continue its tough anti-inflation fight with another massive interest rate hike next week.
Investors "got crushed yesterday, because the inflation outlook wasn't as good as we thought and the Fed is probably going to have to raise rates more than they thought over the cycle," said Karl Haeling of LBBW.
But Tuesday's sell off was "so big, that you're getting a little bit of a technical bounce today. And that's it," he told AFP.
- Hope for inflation? -
Data Wednesday charting only a modest slowing in the producer price index due to falling energy costs showed inflation in the pipeline remains elevated, but offered hope for the months ahead.
The drop "suggests that inflation pressures are moderating albeit not as quickly as one would like," said market analyst Michael Hewson at CMC Markets.
Global consumer prices have soared for months, exacerbated by Russia's invasion of Ukraine -- which has hiked energy and food costs -- as well as owing to supply chain strains and Covid lockdowns in China.
The Fed has already instituted two consecutive 75-basis-point hikes, and a third such move is widely expected at its policy meeting next week.
After the latest US inflation data, some investors are even predicting the next Fed hike could be a full percentage point.
Aggressive rate tightening by central banks worldwide is denting economic activity as consumers and businesses face higher loan repayments.
In the UK, inflation slowed to 9.9 percent in August but remained almost in double digits.
The news boosted the pound on hopes of another interest rate hike next week from the Bank of England.
European markets are "caught up in the negative sentiment that has taken hold across global markets," said Victoria Scholar, head of investment at Interactive Investor.
In Asia, Tokyo led the region's losses with the Nikkei plunging 2.8 percent.
Hong Kong stocks closed down more than two percent, with Chinese conglomerate Fosun hit hard by media reports that the group was under regulatory scrutiny.
- Key figures at around 2100 GMT -
New York - Dow: UP 0.1 percent to 31,135.09 points (close)
New York - S&P 500: UP 0.3 percent to 3,946.01 (close)
New York - Nasdaq: UP 0.7 percent to 11,719.68 (close)
EURO STOXX 50: DOWN 0.5 percent at 3,567.86 (close)
London - FTSE 100: DOWN 1.5 percent at 7,277.30 (close)
Frankfurt - DAX: DOWN 1.2 percent at 13,028.00 (close)
Paris - CAC 40: DOWN 0.4 percent at 6,222.41 (close)
Tokyo - Nikkei 225: DOWN 2.8 percent at 28,818.62 (close)
Hong Kong - Hang Seng Index: DOWN 2.5 percent at 18,847.10 (close)
Shanghai - Composite: DOWN 0.8 percent at 3,237.54 (close)
Euro/dollar: UP at $0.9972 from $0.9970 late Tuesday
Pound/dollar: UP at $1.1532 from $1.1493
Euro/pound: DOWN at 86.46 pence from 86.75 pence
Dollar/yen: DOWN at 142.20 yen from 144.58 yen
Brent North Sea crude: UP 0.9 percent at $94.10 per barrel
West Texas Intermediate: UP 1.3 percent at $88.48 per barrel
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Ng.A.Adebayo--CPN