- Too hot by day, Dubai's floodlit beaches are packed at night
- A 'forgotten' valley in storm-hit North Carolina, desperate for help
- 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
Stocks rally but investors cautious over recession fears
Global stock markets rallied on Wednesday in a volatile trading, with investors given an "energy boost" by an intervention by the Bank of England.
But geopolitical tensions continued to temper enthusiasm, analysts said, with heightened Ukraine tensions and looming recession fears.
Wall Street stocks traded up after the Bank of England's surprise intervention in the British bond market pushed down bond yields in Britain and the United States.
Following a historic slump in the pound, the BoE announced it was temporarily buying up long-dated UK government bonds "to restore orderly market conditions."
"The BoE intervention helped cooling the (dollar) strength and give an energy boost to the market," said Ipek Ozkardeskaya, senior analyst at Swissquote bank.
The UK government's 30-year bond yield retreated to 4.44 percent after the announcement, having hit a 1998 peak at 5.14 percent.
The yield on the 10-year US Treasury note -- a closely-watched proxy of US interest rates -- also pulled back as analysts said the BoE manoeuvre had "soothed" investors in the short run.
Britain's new finance minister Kwasi Kwarteng's tax-cutting budget sent shockwaves through markets, pushing the pound to a record low and leading to dire warnings for Britain's economy -- though sterling later rallied against the US currency.
The BoE intervention followed rare criticism from the International Monetary Fund, which argued that Britain's recent budget could increase inequality and worsen inflation.
"The BoE's intervention is an attempt to soothe investor nerves after they were spooked by last week's mini-budget," said City Index analyst Fawad Razaqzada.
After early losses, major indices in London, Frankfurt and Paris all closed up Wednesday.
- Fear grips markets -
Analysts warned of looming risks in the shape of soft economic data and crumbling earning expectations.
"Fear of tightening-induced recessions has wiped out the recovery we saw in stock markets over the bulk of the summer as investors were once again burned by an over-eagerness to catch the bottom in the market, despite there being little evidence of it being justified," said OANDA's Craig Erlam.
"That fear has now gripped the markets and we may see a little more caution going forward," Erlam said.
Sentiment was also rattled by worries about developments in Ukraine, after Kremlin-installed authorities in four regions under Russian control claimed victory in annexation votes, with Moscow warning it could use nuclear weapons to defend the territories.
Ukraine and its allies have denounced the so-called referendums as a sham, saying the West would never recognise the results.
Volatile oil prices also rose Wednesday, as the EU proposed a new round of sanctions on Moscow, including a possible oil price cap.
Leaks from two Russia-Germany undersea gas pipelines -- which the EU said were caused by deliberate sabotage -- also threatened to fuel further tensions in the energy conflict.
- Key figures at around 1550 GMT -
London - FTSE 100: UP 0.3 percent at 7005.39 points (close)
Frankfurt - DAX: UP 0.4 percent at 12183.28 (close)
Paris - CAC 40: UP 0.2 percent at 5765.01 (close)
EURO STOXX 50: UP 0.2 percent at 3335.30 (close)
New York - Dow: UP 1.1 percent at 29436.77
Tokyo - Nikkei 225: DOWN 1.5 percent at 26,173.98 (close)
Hong Kong - Hang Seng Index: DOWN 3.4 percent at 17,250.88 (close)
Shanghai - Composite: DOWN 1.6 percent at 3,045.07 (close)
Pound/dollar: UP at $1.0748 from $1.0730 on Tuesday
Euro/dollar: UP at $0.9639 from $0.9595
Euro/pound: UP at 90.67 pence from 89.39 pence
Dollar/yen: DOWN at 144.45 yen from 144.81 yen
Brent North Sea crude: UP 1.9 percent at $86.73 per barrel
West Texas Intermediate: UP 2.9 percent at $80.77 per barrel
burs-rfj/rox/cdw
H.Meyer--CPN