- Madrid's Carvajal to miss several months after serious knee injury
- Two elephants die in flash flooding in northern Thailand
- 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
China rate cut boosts Asian, European stocks
Asian and European stocks rebounded Friday on China's interest rate cut, but US equities continued to slump on fears that sky-high inflation will spark a global downturn.
"Markets have been looking for an excuse to bounce, and a China rate cut provided the reason," IG analyst Chris Beauchamp told AFP.
China's central bank announced it would lower its five-year loan prime rate -- a key interest rate governing how lenders base their mortgage rates -- to 4.45 percent from 4.6 percent.
The news comes in contrast to other major central banks -- like the US Federal Reserve and the Bank of England -- that are raising borrowing costs to combat rocketing consumer prices.
"It isn't much when set against the broader (rate) tightening we are seeing globally, but equities do look a bit stretched to the downside in the short term," Beauchamp added.
The Chinese move sparked optimism among traders that it could boost the world's second-largest economy from its Covid-induced stupor.
"The rate cut announced by the PBOC (People's Bank of China) is obviously good news and is clearly targeted at revitalising the ailing property market which continues to suffer due to the crackdown last year and Covid lockdowns this," said Craig Erlam, senior market analyst at OANDA.
"This could help to revive a hugely important part of the economy," he added, but "whether it's enough to help China hit its 5.5 percent growth target this year is another thing."
Asian stocks closed with gains, as did Europe's main markets although those faded as the day wore on.
Wall Street opened higher, but then sank lower in morning trading.
"Stocks remain on a shaky footing," said market analyst Fawad Razaqzada at City Index and FOREX.com.
He said investors are worried about inflation, interest rate hikes, low economic growth, stagflation, and recession.
"Perhaps most importantly for stocks, the Fed is not there to provide cushion, like before," he added, as the US central bank is raising interest rates to get to grips with inflation.
- Rollercoaster ride -
Markets had taken a beating Thursday on intensifying recession worries.
Wall Street has faced the brunt of selling, suffering its worst batterings in two years over the past couple of sessions.
Downcast earning reports from retailers have heightened market uncertainty at a time of rising interest rates, surging energy prices, China's Covid lockdowns and Russia's ongoing war on Ukraine.
"It has been a rollercoaster ride for markets this week after Thursday's bloodbath when US equities suffered their worse session since 2020 with that negativity reverberating across global stock markets," said Victoria Scholar, head of investment at trading firm Interactive Investor.
Major stock indices have lost huge portions of their value in recent months, with the tech-heavy Nasdaq Composite down 30 percent from the peak it set in November, while the blue-chip Dow is off 15.9 percent.
In Europe, both Paris and Frankfurt stocks are down between 14 and 15 percent, while London's main index has shed a modest 3.9 percent.
- Key figures at around 1530 GMT -
New York - Dow: DOWN 0.7 percent at 31,026.51 points
EURO STOXX 50: UP 0.5 percent at 3,657.03
London - FTSE 100: UP 1.2 percent at 7,389.98 (close)
Frankfurt - DAX: UP 0.7 percent at 13,981.91 (close)
Paris - CAC 40: UP 0.2 percent at 6,285.24 (close)
Hong Kong - Hang Seng Index: UP 3.0 percent at 20,717.24 (close)
Shanghai - Composite: UP 1.6 percent at 3,146.57 (close)
Tokyo - Nikkei 225: UP 1.3 percent at 26,739.03 (close)
Brent North Sea crude: UP 0.4 percent at $112.52 per barrel
West Texas Intermediate: UP 0.4 percent at $112.65 per barrel
Euro/dollar: DOWN at $1.0555 from $1.0588
Pound/dollar: UP at $1.2475 from $1.2467
Euro/pound: DOWN at 84.61 pence from 84.93 pence
Dollar/yen: UP at 127.88 yen from 127.79
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F.Ferraz--PC