- Two elephants die in flash flooding in northern Thailand
- Tunisia votes with Saied set for re-election
- 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
Equities soar despite hot US inflation, pound dips on uncertainty
Asian and European equities rallied Friday despite news of surging US inflation, while the pound dipped on uncertainty over Britain's controversial budget.
The yen held around three-decade dollar lows as rampant US consumer prices cemented expectations of more hefty Federal Reserve rate hikes.
London stocks rose as British finance minister Kwasi Kwarteng flew back one day early from a key IMF gathering in Washington, stoking speculation of another U-turn over his debt-fuelled measures that sparked recent markets turmoil.
He was also reported to have lost his job.
The pound dipped before the Bank of England ends later Friday its emergency bond-buying policy that sought to stem the turbulence.
- 'Astonishing rebound' -
"Markets staged an astonishing rebound despite a hotter-than-expected inflation report in the United States," said Interactive Investor analyst Richard Hunter on the broad-based gains.
"The reasons... were not immediately clear, although traders pointed to a technical rebound as investors unwound defensive positions which had been in place ahead of the inflation report."
US CPI inflation data showed prices rose last month at a faster clip than expected, despite this year's series of Fed interest rate hikes which have fanned fears of a global recession.
The month-on-month reading came in double estimates, while core inflation -- which strips out volatile energy and food prices -- was also elevated.
The figures sparked a sharp plunge on Wall Street but the selling quickly reversed, and all three main indexes finished the day with gains of more than two percent.
"It could be argued that yesterday's hotter-than-expected CPI reading may well have been partially priced in as far as stock markets were concerned," noted CMC Markets analyst Michael Hewson.
Investors are awaiting quarterly results Friday from US banks Citigroup, JPMorgan Chase and Wells Fargo.
The updates "could offer some important insights into how US consumers are spending their money", added Hewson.
Markets meanwhile remain on tenterhooks that the UK government was set to perform another U-turn on last month's tax-slashing budget.
Speculation had been swirling that British Prime Minister Liz Truss could sack Kwarteng over the badly-received budget, with the BBC reporting that he had in fact lost his job.
The pound had rallied sharply Thursday on reports the new government could row back on more tax-cut pledges.
Truss has insisted that there would be no more U-turns, after she was previously forced to scrap a plan to cut tax on the richest earners.
Meanwhile, the yen's weakness comes from the Bank of Japan's refusal to lift interest rates -- citing a need to support the economy -- just as the Fed presses ahead with hefty hikes in borrowing costs.
- Key figures around 1115 GMT -
London - FTSE 100: UP 1.3 percent at 6,938.57 points
Frankfurt - DAX: UP 1.3 percent at 12,520.35
Paris - CAC 40: UP 1.7 percent at 5,977.18
EURO STOXX 50: UP 1.6 percent at 3,466.70
Tokyo - Nikkei 225: UP 3.3 percent at 27,090.76 (close)
Hong Kong - Hang Seng Index: UP 1.2 percent at 16,587.69 (close)
Shanghai - Composite: UP 1.8 percent at 3,071.99 (close)
New York - Dow: UP 2.8 percent at 30,038.72 (close)
Pound/dollar: DOWN at $1.1249 from $1.1326 Thursday
Dollar/yen: UP at 147.67 yen from 147.12 yen
Euro/dollar: DOWN at $0.9739 from $0.9776
Euro/pound: DOWN at 86.57 pence from 88.29 pence
Brent North Sea crude: DOWN 1.1 percent at $93.49 per barrel
West Texas Intermediate: DOWN 1.2 percent at $88.06 per barrel
O.Hansen--CPN