- Ex-Dutch football star Johan Neeskens dies
- Man Utd battling to improve fortunes, says Evans
- What is microRNA? Nobel-winning discovery explained
- Masood, Abdullah centuries lift Pakistan to 328-4 in first England Test
- Hurricane Milton strengthens fast, threatens Mexico, Florida
- Tunisia's President Saied set for landslide election win
- Barca hoping to return to Camp Nou 'by end of year'
- Trump to open second golf course at Scotland resort in summer 2025
- Super-sub Jhon Duran rewarded with new Aston Villa deal
- US duo win Nobel for gene regulation breakthrough
- Masood hits first ton for four years to power Pakistan to 233-1
- Fritz wins delayed match to reach Shanghai Masters third round
- Naomi Osaka pulls out of Japan Open with back injury
- China to flesh out economic stimulus plans after bumper rally
- Artist Marina Abramovic hopes first China show offers tech respite
- Pakistan 122-1 at lunch in first England Test
- Kazakhs approve plan for first nuclear power plant
- World marks anniversary of Oct. 7 attack on Israel
- 'Second family': tennis stars hunt winning formula with new coaches
- Philippines, South Korea agree to deepen maritime cooperation
- Mexico mayor murdered days after taking office
- Sardinia's sheep farmers battle bluetongue as climate warms
- Japan govt admits doctoring 'untidy' cabinet photo
- Israel marks first anniversary of Hamas's October 7 attack
- Darvish tames Ohtani as Padres thrash Dodgers
- Asian markets track Wall St rally on jobs data
- Family affair as LeBron, Bronny James make Lakers bow
- Cancer, cardiovascular drugs tipped for Nobel as prize week opens
- As Great Salt Lake dries, Utah Republicans pardon Trump climate skepticism
- Amazon activist warns of 'critical situation' ahead of UN forum
- Mourners pay tribute to latest victims of deadly Channel crossing
- Phillies win thriller to level Mets series
- Yu bags first PGA Tour win with playoff win
- PSG held by Nice to leave Monaco clear at top of Ligue 1
- Lewandowski treble for leaders Barca as Atletico held
- Fresh Israeli strikes hit south Beirut
- Sucic stunner earns Real Sociedad draw against Atletico
- PSG draw with Nice, fail to reclaim top spot in Ligue 1
- Gudmundsson downs AC Milan after De Gea's penalty heroics for Fiorentina
- 'Yes' vote prevails in Kazakhstan nuclear plant vote: TV
- 'Difficult day': Oct 7 commemorations begin with festival memorial
- Commemorations begin for anniversary of attack on Israel
- 'Nothing gets in way of team,' says Celtics' MVP hopeful Tatum
- 'We will win!': Mozambique's ruling party confident at final vote rally
- Tunisia voting ends as Saied eyes re-election with critics behind bars
- Florida braces for Milton, FEMA head slams 'dangerous' Helene misinformation
- Postecoglou slams 'unacceptable' Spurs after 'terrible' loss at Brighton
- Marmoush double denies Bayern outright Bundesliga top spot
- Rallies worldwide call for Gaza, Lebanon ceasefire
- New 'Joker' film, a dark musical, tops N.America box office
CMSC | -0.02% | 24.695 | $ | |
RBGPF | -1.16% | 60.1 | $ | |
RYCEF | -1.16% | 6.9 | $ | |
RELX | -0.83% | 45.91 | $ | |
VOD | 0% | 9.66 | $ | |
SCS | -1.41% | 12.79 | $ | |
GSK | 0.6% | 39.055 | $ | |
NGG | -0.88% | 65.92 | $ | |
BTI | -0.18% | 35.225 | $ | |
RIO | -0.19% | 69.57 | $ | |
AZN | -0.12% | 77.375 | $ | |
CMSD | -0.13% | 24.78 | $ | |
BCC | -1.29% | 137.125 | $ | |
BCE | -0.14% | 33.662 | $ | |
JRI | -0.16% | 13.259 | $ | |
BP | 0.78% | 33.14 | $ |
Stock markets extend recovery as rate hike fears subside
Asian and European markets rallied Monday, building on last week's advances and following a strong pre-weekend performance on Wall Street as speculation that inflation may have peaked tempered expectations about central bank interest rate hikes.
With prices surging at a pace not seen in a generation, finance chiefs have been forced to lift borrowing costs and wind back their ultra-loose monetary policies in recent months, sending a chill across trading floors.
But a string of weak data has led many investors to believe that inflation may have plateaued or is about to, giving room for banks to be less hawkish.
The prospect that rates will not go as high as initially expected helped send Wall Street stocks higher Friday, with the S&P 500 and Nasdaq ending up more than three percent.
Asia and Europe continued the rally on Monday.
Hong Kong led gainers, climbing more than two percent thanks to a strong performance in Chinese tech firms.
Indications that China's crackdown on the sector could be coming to an end added to the upbeat mood in the city.
"Market conviction that perhaps the Fed won't now hike rates as aggressively as previously feared and/or that rate cuts before the end of 2023 are now an even more realistic prospect... have had a big hand" in boosting sentiment, said National Australia Bank's Ray Attrill.
While Fed chiefs continue to flag further big interest rate hikes in the pipeline, expectations for a prolonged period of increases have waned, which has in turn taken some heat out of the dollar.
Bitcoin has also won some support, trading above $21,000 after a recent slump.
- G7 action over Russia -
Elsewhere, traders were keeping a close eye on the G7 summit in Germany, focused on further co-ordinated financial action against Russia following its invasion of Ukraine.
Among the new action being weighed by the G7 was a price cap on Russian oil imports and fresh sanctions on Russia's defence sector, the White House said.
G7 member France meanwhile urged oil producers to ramp up crude output by 'exceptional' volumes owing to Russian supply constraints.
The group -- comprising also Britain, Canada, Germany, Italy, Japan and the United States -- kicked off their gathering Sunday by announcing plans to ban imports of Russian gold.
It was the latest in a series of sanctions aimed at punishing President Vladimir Putin for his February 24 invasion.
- Key figures at around 1100 GMT -
London - FTSE 100: UP 0.6 percent at 7,250.27 points
Frankfurt - DAX: UP 0.8 percent at 13,220.81
Paris - CAC 40: UP 0.1 percent at 6,078.53
EURO STOXX 50: UP 0.7 percent at 3,557.65
Tokyo - Nikkei 225: UP 1.4 percent at 26,871.27 (close)
Hong Kong - Hang Seng Index: UP 2.4 percent at 22,229.52 (close)
Shanghai - Composite: UP 0.9 percent at 3,379.19 (close)
New York - Dow: UP 2.7 percent at 31,500.68 (close)
Euro/dollar: UP at $1.0586 from $1.0559 Friday
Pound/dollar: UP at $1.2282 from $1.2280
Euro/pound: UP at 86.22 pence from 85.95 pence
Dollar/yen: UP at 135.22 yen from 135.17 yen
Brent North Sea crude: UP 0.4 percent at $113.56 per barrel
West Texas Intermediate: UP 0.2 percent at $107.88 per barrel
F.Cardoso--PC