- Tunisia voting ends as Saied eyes re-election with critics behind bars
- Drowned by hurricane, remote N.Carolina towns now struggle for water
- 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
Asian markets up, sterling holds gains after UK budget U-turn
Equities mostly rose and sterling held on to its gains Tuesday after the UK government scrapped a controversial debt-funded mini-budget that had roiled markets, while traders were also cheered by a broadly positive start to earnings season.
After a volatile few weeks during which the pound hit a record low, new finance minister Jeremy Hunt sought Monday to reassure investors as he unveiled a new spending package, doing away with tax cuts and warning of much lower spending.
The move -- which deals a blow to Prime Minister Liz Truss's authority -- sent sterling up as much as two percent at one point and the cost of government borrowing tumbled, while the FTSE 100 jumped.
The positive mood filtered through to other markets, with Wall Street enjoying a much-needed surge, including a more than three percent jump in the Nasdaq.
And most of Asia followed suit, with Tokyo, Hong Kong, Sydney, Seoul, Wellington, Taipei, Manila and Jakarta all enjoying a pick-up, though Shanghai and Singapore dipped.
The gains built on Monday's rise, though analysts warned that the advances were unlikely to be sustained owing to broader worries about inflation and rising interest rates.
"Investors are still searching for the elusive fundamental support behind these rallies," said SPI Asset Management's Stephen Innes.
"Not finding that absolute macro needle in a haystack suggests these rallies still fall into the technical squeeze category rather than one where investors are boarding the rally wagon en masse."
The latest inflation reading out of New Zealand showing it remained at a three-decade high underscored the tough job central banks have in bringing prices down, even after several rate hikes.
Commentators said traders have come to the conclusion that a recession is on the way in major economies, with the main question being how bad it will be.
"I think we can stop saying inflation is 'hotter than expected' and shift to 'hotter than hoped' -- because it really does feel like we're all just crossing our fingers and hoping prices come down," said Matt Simpson at City Index.
"And in the few cases that they are, it is clearly not fast enough for anyone's liking. Conversely to the adage about stock market prices, inflation seems to get the elevator up and the escalator down -- but not before lingering around the top floor for an extended period of time."
Markets in China softened after a positive start, a day after authorities delayed the release of third-quarter economic figures, which analysts said were likely to show the weakest growth since the pandemic owing to Covid-19 lockdowns.
The decision comes as the Communist Party holds a key gathering at which President Xi Jinping is expected to be handed a third term.
"Whenever the release occurs, we should all be prepared for some global financial market reaction if the world's two largest economies are both in recession this year. Especially, as the global economic slowdown remains ongoing," said Clifford Bennett at ACY Securities.
"While in China, we have a slightly artificially generated risk of recession due to a zero-Covid policy.
"This policy has been confirmed to remain in place indefinitely. This means China will see further economic disruption over the coming year."
- Key figures around 0230 GMT -
Tokyo - Nikkei 225: UP 0.8 percent at 26,985.55 (break)
Hong Kong - Hang Seng Index: UP 0.5 percent at 16,689.89
Shanghai - Composite: DOWN 0.1 percent at 3,082.71
Pound/dollar: DOWN at $1.1339 from $1.1351 Monday
Dollar/yen: DOWN at 148.92 yen from 149.03 yen
Euro/dollar: DOWN at $0.9833 from $0.9840
Euro/pound: UP at 86.72 pence from 86.66 pence
West Texas Intermediate: DOWN 0.3 percent at $85.24 per barrel
Brent North Sea crude: DOWN 0.2 percent at $91.44 per barrel
New York - Dow: UP 1.9 percent at 30,185.82 (close)
London - FTSE 100: UP 0.9 percent at 6,920.24 (close)
M.Anderson--CPN