- Biden, Harris mark Oct. 7 with call for Mideast peace
- Dupont set for Toulouse return after post-Olympic holiday
- French rugby bosses tighten discipline after nightmare Argentina tour
- Visitors to get rare view of Rome's Trevi Fountain
- Man City and Premier League both claim victory in legal case
- Deschamps delight as 'light back on' for Pogba after doping ban
- Biden, Harris urge Mideast peace on Oct. 7 anniversary
- Neeskens, tough midfielder in Cruyff's Ajax and Dutch teams
- UN warns world's water cycle becoming ever more erratic
- Oil prices extend gains on Mideast tensions, Wall Street retreats
- 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
RBGPF | -1.97% | 58.94 | $ | |
CMSD | -0.12% | 24.784 | $ | |
NGG | -1.23% | 65.69 | $ | |
SCS | -0.49% | 12.907 | $ | |
RYCEF | -1.45% | 6.88 | $ | |
RIO | -0.17% | 69.58 | $ | |
GSK | 0.08% | 38.85 | $ | |
CMSC | -0.17% | 24.657 | $ | |
VOD | 0.41% | 9.7 | $ | |
RELX | -0.59% | 46.02 | $ | |
BCC | 0.76% | 139.97 | $ | |
JRI | -0.23% | 13.25 | $ | |
BCE | -0.58% | 33.515 | $ | |
BP | 0.86% | 33.165 | $ | |
AZN | -0.41% | 77.15 | $ | |
BTI | -0.18% | 35.225 | $ |
Global stocks split on China, US consumer confidence
European and Asian stocks climbed Tuesday and oil prices rallied as China relaxed hard-line Covid-19 policies, but Wall Street equities tumbled following weak consumer confidence data.
In a major shift, Chinese authorities shortened quarantine for inbound travelers to just 10 days instead of three weeks, fueling hopes of recovery for the world's second largest economy.
The cities of Beijing and Shanghai also reported no Covid cases on Tuesday, suggesting they had largely contained outbreaks that forced tens of millions to stay home and snarled up global supply chain chains.
"The Covid crisis appears to be rapidly retreating in China," noted Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown.
"The prospects of rapid recovery for the world's second largest economy is helping lift miners, as metals prices rise in expectation of a surge in demand in the commodity-hungry economy."
Asian equity markets closed higher, with both Hong Kong and Shanghai rising 0.9 percent.
Traders also digested comments from European Central Bank President Christine Lagarde, who said the ECB would go "as far as necessary" to fight inflation that is set to remain "undesirably high."
Paris rose 0.6 percent and Frankfurt added 0.4 percent. London climbed 0.9 percent.
US stocks also opened solidly higher but dropped into negative territory soon thereafter following a consumer confidence reading at its lowest level in more than a year on surging inflation.
The downcast report was due in part to the feeling higher prices would persist, suggesting consumers aren't sure the Federal Reserve's aggressive efforts to tame inflation will work.
"We could have some difficult days ahead of us," said Gregori Volokhine of Meeschaert Financial Services.
Dana Peterson, The Conference Board's chief economist, warned the United States will likely see a recession in late 2022.
"We are anticipating a brief yet shallow recession starting in the fourth quarter of this year and extending into the first quarter of next year," she said during a Politico event.
US selling accelerated throughout the day, with the broad-based S&P 500 finishing two percent lower.
US equities also fell on Monday after last week's strong gains in a rally that some are now doubting.
"It looks like investors are potentially underestimating the big macro risks facing them by bidding up equity prices over the last few days," City Index analyst Fawad Razaqzada told AFP.
"It is far too early to be optimistic that this latest recovery will hold."
Oil prices, a major driver of the soaring inflation, rose again on fears of further supply tightening, in addition to prospects for higher Chinese demand.
This comes after G7 leaders agreed to work on a price cap for Russian oil, a US official said Tuesday, as part of efforts to cut the Kremlin's revenues.
- Key figures at around 2030 GMT -
New York - Dow: DOWN 1.6 percent at 30,946.99 (close)
New York - S&P 500: DOWN 2.0 percent at 3,821.55 (close)
New York - Nasdaq: DOWN 3.0 percent at 11,181.54 (close)
London - FTSE 100: UP 0.9 percent at 7,323.41 (close)
Frankfurt - DAX: UP 0.4 percent at 13,231.82 (close)
Paris - CAC 40: UP 0.6 percent at 6,086.02 (close)
EURO STOXX 50: UP 0.3 percent at 3,549.29 (close)
Tokyo - Nikkei 225: UP 0.7 percent at 27,049.47 (close)
Hong Kong - Hang Seng Index: UP 0.9 percent at 22,418.97 (close)
Shanghai - Composite: UP 0.9 percent at 3,409.21 (close)
Brent North Sea crude: UP 2.5 percent at $117.98 per barrel
West Texas Intermediate: UP 2.0 percent at $111.76 per barrel
Euro/dollar: DOWN at $1.0525 from $1.0584 Monday
Pound/dollar: DOWN at $1.2187 from $1.2265
Euro/pound: UP at 86.32 pence from 86.29 pence
Dollar/yen: UP at 136.20 yen from 135.46 yen
burs-jmb
P.Mira--PC