- Sabalenka targets world number one and Wuhan hat-trick
- Tunisia votes with Saied set for re-election
- Bagnaia sets 'example' with Japan MotoGP win to cut gap on Martin
- Intense Israeli bombing rocks Beirut ahead of war anniversary
- Mozambique vote: no suspense but some disillusion
- Austrian rapper channels anti-racist rage in Romani hip-hop songs
- Ohtani magic powers Dodgers over Padres in MLB playoff thriller
- Five of the best: Pakistan-England Test thrillers
- Man sets arm on fire as marches across US mark Gaza war anniversary
- Vietnam's young coffee entrepreneurs brew up a revolution
- Trump rallies at site of failed assassination: 'Never quit'
- Too hot by day, Dubai's floodlit beaches are packed at night
- Is music finally reckoning with #MeToo?
- Fans hail Trump's 'guts' as he returns to site of rally shooting
- Lebanon state media says Israeli strikes hit south Beirut
- Miami on track for MLS record points after win in Toronto
- Monaco take top spot in Ligue 1 with win at Rennes
- Madrid beat Villarreal to level Liga leaders Barca
- Thuram treble fires Inter past Torino and up to second
- 'Fight': defiant Trump jets in to site of rally shooting
- Mexico City's new mayor sworn in with pledges on water, housing
- Israel on alert ahead of Hamas attack anniversary
- Guardians maul Tigers in MLB playoff series opener
- Macron criticises Israel on Gaza, Lebanon operations
- French rugby player whistled but 'serene' on return amid ongoing rape case
- Retegui hat-trick fires five-star Atalanta to hammering of Genoa
- Heavyweights Australia, England off to World Cup winning starts
- Visiting UN refugee agency chief decries 'terrible crisis' in Lebanon
- Spinners come to party as England defeat Bangladesh at T20 World Cup
- Search continues for missing in deadly Bosnia floods
- Man City sink Fulham to get title bid back on track
- France's Auradou whistled on Pau return in Perpignan loss amid ongoing rape case
- A 'forgotten' valley in storm-hit North Carolina, desperate for help
- Arsenal hit back in style after Southampton scare
- Hezbollah heir apparent Safieddine out of contact after strikes
- Liverpool stay top of Premier League as Arsenal, Man City win
- In dank Tour of Emilia, Pogacar shines in rainbow jersey
- DR Congo launches mpox vaccination drive, hoping to curb outbreak
- Trump returns to site of failed assassination
- Careless Leverkusen held to Bundesliga draw
- O'Brien's 'superstar' Kyprios posts landmark win on Arc weekend
- Liverpool suffer Alisson injury blow
- Habosi helps Racing beat Vannes before Auradou's playing return
- Thousands march in London in support of Palestinians, 1 year after Oct 7
- Israel readying response to Iran missile attack
- Schutt, Mooney help Australia beat Sri Lanka in Women's T20 World Cup
- Liverpool extend Premier League lead with win at Palace
- Djokovic 'shakes rust off' to make third round of Shanghai Masters
- 'Imperfect' PSG fighting on all fronts - Luis Enrique
- Struggling Pakistan look to thwart adaptable England
Markets rally eyeing China reopening
Global stock markets rallied Tuesday on hopes that China will ease its weeks-long Covid lockdown and gradually reopen businesses.
European exchanges closed higher and Wall Street's main indices also rose in mid-day trading, spurred by a nearly one-percent rise in April retail sales.
"We’ve seen a much more positive vibe around European equity markets today, with reports out of Asia suggesting that China might be close to looking to ease some of its Covid restrictions, as case rates come down," Michael Hewson, chief market analyst at CMC Markets UK, said.
"This hope appears to be helping to power some buying interest, and is also pushing up metals, as well as oil prices, with Brent crude at six-week highs," he added.
Much of Shanghai, China's economic hub and a city of 25 million, has been under lockdown since April as Beijing attempts to stamp out an Omicron-fuelled virus surge under its strict zero-Covid policy.
The impact of Beijing's zero-Covid strategy on the world's second-largest economy was revealed Monday when official data showed that retail sales and industrial production in April on-year had slumped to their lowest levels in more than two years.
World markets have also been roiled by surging inflation, spiralling oil and wheat prices and Russia's war in Ukraine -- leaving investors jittery.
Wheat prices hit a record high in the European market Tuesday at 434.25 euros after the world's second producer India announced an export ban due to falling output caused by climate change.
Oil was another area of concern.
"Oil prices have hit their highest levels since early March as Europe continues to work towards a Russian embargo and China looks to ease Covid restrictions," said Craig Erlam, another market analyst at OANDA.
"The question becomes just how much further they'll go and how uncomfortable it's going to get," he said.
Analyst Fawad Razaqzada at City Index was bullish on the demand for oil despite rising prices.
"Demand did fall briefly when China went into a lockdown but now with Shanghai emerging from lockdowns and other cities are likely to follow suit, demand should remain elevated," he said.
"Unless the OPEC and its allies ramp up production and fast, it is difficult to see how prices can go down meaningfully," he added.
The British pound was the best performing G10 currency on Tuesday as traders bet that soaring UK inflation, lifted in part by wage rises, will see more monetary policy tightening by the Bank of England.
There are rising concerns that ongoing rapid interest rate rises by the BoE and other central banks including the Federal Reserve to curb decades-high inflation will push the economy into a downturn.
On the corporate front Tuesday, India's insurance giant LIC slumped on its market debut following the country's biggest-ever initial public offering, closing nearly eight percent below the IPO price.
Prime Minister Narendra Modi's government raised $2.7 billion by selling 3.5 percent of Life Insurance Corporation of India. But it was forced to cut back the offer from a planned five percent after markets turned volatile.
Elsewhere, Elon Musk said his planned purchase of Twitter would not go ahead unless he was assured that fewer than five percent of accounts on the platform were fake.
The Tesla owner has bid $44 billion for the social media platform.
- Key figures at around 1530 GMT -
New York - Dow: UP 0.8 percent at 32,482.75 points
EURO STOXX 50: UP 1.3 percent at 3,734.36
London - FTSE 100: UP 0.7 percent at 7,518.35 (close)
Frankfurt - DAX: UP 1.6 percent at 14,185.94 (close)
Paris - CAC 40: UP 1.3 percent at 6,430.19 (close)
Hong Kong - Hang Seng Index: UP 3.3 percent at 20,602.52 (close)
Shanghai - Composite: UP 0.7 percent at 3,093.70 (close)
Tokyo - Nikkei 225: UP 0.4 percent at 26,659.75 (close)
Brent North Sea crude: UP 0.6 percent at $114.91 per barrel
West Texas Intermediate: UP 0.5 percent at $114.75 per barrel
Euro/dollar: UP 0.9 percent at $1.0532 from $1.0436 at 2030 GMT Monday
Pound/dollar: UP 1.2 percent at $1.2478 from $1.2323
Euro/pound: DOWN at 84.44 pence from 84.67 pence
Dollar/yen: UP at 129.29 yen from 129.08 yen
O.Gaspar--PC