- 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 surge on hopes interest rate hikes will slow
Global stocks gained on Tuesday and the dollar slid amid growing hopes the Federal Reserve could ease its interest-rate hiking plans.
Frankfurt and Paris equities each soared around four percent in value after Tokyo gained 3.0 percent, while London won 2.6 percent.
Wall Street's surged higher for the second straight day, with the Dow rising 2.8 percent. The S&P 500 jumped 3.1 percent and the Nasdaq Composite 3.3 percent.
The Federal Reserve and other central banks have raised interest rates rapidly to tame soaring inflation, but the monetary tightening has raised fears it could plunge countries into recession.
Those concerns fueled sharp drops in stocks in recent weeks, especially since the Fed has said it will continue to raise interest rates this year and possibly early next year as well to get on top of inflation.
But Wall Street enjoyed a bumper start to the fourth quarter after an industry survey released Monday showed US manufacturing growth slowed more than expected in September to its weakest in more than two years, and pricing pressures eased.
The buoyant trend equities continued on Tuesday after the Reserve Bank of Australia (RBA) raised its policy interest rate just 0.25 percentage point, half the expected increase.
"Weaker-than-expected manufacturing data from the US was taken as a signal that rising interest rates may be having some effect on cooling demand for goods," said Interactive Investor analyst Richard Hunter.
"This in turn led to hopes of a Federal Reserve pivot, even though the spectre of inflation remains firmly at the top of their stated to-do list."
The yield on the 10-year US Treasury, a proxy for interest rates expectations, retreated further as investors bet that weakening economic data will prompt a similar pullback from the Fed.
Earlier, Asian markets built on the Wall Street surge. Tokyo and Seoul were among the leaders, despite news that North Korea had fired a missile over Japan for the first time since 2017.
Sydney soared 3.8 percent after the Reserve Bank of Australia lifted interest rates by less than expected.
Hong Kong and Shanghai were closed for holidays.
Investors will focus later this week on Friday's all-important US employment report for the latest reading on the health of the world's biggest economy, but new data Tuesday showed a dramatic decline in job openings in August.
That decline lowered the ratio of US openings to unemployed workers -- a key indicator of strains in the labor market -- to 1.7, from 2.0 in the prior month.
- Sterling extends gains -
Oil also continued to push higher on expectations OPEC and other major producers will slash output this week, having become spooked by a plunge in the price of the commodity on recession fears.
The 13 members of the Organization of the Petroleum Exporting Countries (OPEC), led by Riyadh, and their 10 allies headed by Moscow will hold Wednesday their first in-person meeting at the group's headquarters in Vienna since March 2020.
The rally in equities came as the US dollar weakened owing to moderating expectations for interest rate hikes, with the pound also supported by the UK government's decision to scrap a planned cut in the top rate of income tax.
The pound extended gains after breaking back above $1.14, having last Monday tanked to a record low $1.0350. The euro rose around 1.7 percent against the greenback.
- Key figures around 2050 GMT -
New York - Dow: UP 2.8 percent at 30,316.32 (close)
New York - S&P 500: UP 3.1 percent at 3,790.93 (close)
New York - Nasdaq: UP 3.3 percent at 11,176.41 (close)
Paris - CAC 40: UP 4.2 percent at 6,039.69 (close)
Frankfurt - DAX: UP 3.8 percent at 12,670.48 (close)
London - FTSE 100: UP 2.6 percent at 7,086.46 (close)
EURO STOXX 50: UP 4.3 percent at 3,484.48 (close)
Tokyo - Nikkei 225: UP 3.0 percent at 26,992.21 (close)
Hong Kong - Hang Seng Index: Closed for a holiday
Shanghai - Composite: Closed for a holiday
Pound/dollar: UP at $1.1477 from $1.1323 on Monday
Euro/dollar: UP at $0.9992 from $0.9826
Euro/pound: UP at 87.03 pence from 86.77 pence
Dollar/yen: DOWN at 144.09 yen from 144.55 yen
Brent North Sea crude: UP 3.4 percent at $91.80 per barrel
West Texas Intermediate: UP 3.5 percent at $86.52 per barrel
burs-jmb/hs
D.Avraham--CPN