- Alcaraz breezes into third round of Shanghai Masters
- Gaza cultural heritage brought to light in Geneva
- 'Bullet for democracy': Trump returns to site of rally shooting
- Italy targets climate activists in 'anti-Gandhi' demo clampdown
- South Korean cult-horror series 'Hellbound' returns at BIFF
- Nepalis fear more floods as climate change melts glaciers
- Honduras arrests environmentalist's alleged murderer
- Padres pitcher Musgrove needs elbow surgery
- Supreme Court lets stand rules to curb mercury, methane emissions
- Boston beat Denver in NBA exhibition season opener, but Jokic says omens are good
- Chagos diaspora angry at lack of input on islands' fate
- Biden says 'not confident' of peaceful US election
- US trade chief defends tariff hikes when paired with investment
- Lukaku stars as Napoli beat Como to hold Serie A top spot
- Ohtani set for MLB playoff debut as Dodgers face Padres
- Pogba's drug ban cut to 18 months from four years
- Devine leads New Zealand to big win over India in Women's T20 World Cup
- Bosnia floods kill 16 people
- EU court blocks French ban on vegetable 'steak' labelling
- Prosecutors seek dismissal of rape charges against French rugby players
- Meta AI turns pictures into videos with sound
- Bolivia's Morales says claims he raped a minor are a 'lie'
- MLB Reds hire two-time champion Francona as manager
- Daniel Maldini receives first Italy call-up for Nations League
- US dockworkers return to ports after three-day strike
- Ancelotti points finger at Madrid's 'lack of intensity'
- Haiti reeling after 70 killed in gang attack
- Five Czech kids in hospital over TikTok 'piercing challenge'
- What happens next in Iran-Israel conflict?
- Country star Garth Brooks denies rape accusations
- Stubbs hits maiden century as South Africa make 343-4 against Ireland
- DR Congo to begin mpox vaccination campaign Saturday in east
- Odegaard injury has forced Arsenal to be 'different', says Arteta
- Ratcliffe refuses to guarantee Ten Hag's Man Utd future
- Meta must limit data use for targeted ads: EU court
- Mauritius to hold legislative election on November 10
- Britain qualify for America's Cup final after 60-year wait
- IMF asks Sri Lanka to protect hard-won gains
- Morata returns to Spain Nations League squad after injury
- Irish regulator to probe Ryanair use of facial recognition
- Public allowed to see video evidence in France mass rape trial
- US hiring soars past expectations in sign of resilient market
- Under-fire Ten Hag 'together' with Man Utd hierarchy
- Guardiola talks of Man City love affair as financial hearing rumbles on
- De Bruyne out of Belgium Nations League squad
- Japanese trainer Yahagi hopes Shin Emperor achieves 50-year-old Arc dream
- UK's Starmer hails 'landmark' carbon capture funding
- As EU targets Chinese cars, European rivals sputter
- Bosnia floods kill 14 people
- Tennis world number one Swiatek splits with coach Wiktorowski
Stocks rise as US economy posts decades-high growth
US and European stock markets rose on Thursday as investors put aside rate hike fears and focused on data showing the US economy grew at its fastest pace in decades last year.
European equity markets had mostly retreated in the morning session following sharp losses in Asia after US Federal Reserve chief Jerome Powell signalled a likely rate increase in March to tame inflation.
But the mood changed after the US Commerce Department released data the economy grew by 5.7 percent in 2021, its fastest rate since 1984.
Solid corporate earnings reports also helped this week, with several leading companies scoring higher profits despite ongoing pressures connected to Covid-19.
On Wall Street, the Dow Jones index rose 1.2 percent shortly after the opening bell to 34,695.09 points while London overturned earlier losses for a similar positive push.
Paris and Frankfurt likewise overcame early sluggishness to post small gains.
Oil prices also rose as Brent North Sea crude closed in on $91 per barrel.
Despite major markets moving back into the green, AJ Bell investment director Russ Mould sounded a note of caution regarding Powell's assessment.
"It's what he didn't say that troubled investors," Mould said.
"The key concerns are how aggressive the Fed will be with raising rates -- will they go up at every meeting this year, and will they go up by more than 0.25 percentage points each time?"
Fed officials still believe the price rises will be brought under control as economies reopen and supply chain problems abate, but the need to prevent them from running away is forcing them into an aggressive pivot.
"The tech-heavy Nasdaq had been hit hard by fears of a more hawkish Fed in the lead-up to the US central bank's rate decision, making this a case of 'sell the rumour, buy the fact'," said Fiona Cincotta, senior financial markets analyst at City Index, while noting "stellar" US growth data.
- Oil breaks $90 -
Elsewhere, oil prices were back on an upward curve with benchmark European contract Brent hovering just under the $91 mark having earlier broken $90 for the first time in seven years owing to rising Ukraine-Russia tensions and falling US crude stockpiles.
Eyes are now on the upcoming meeting of OPEC and other key producers, where they will discuss plans to continue to increase output.
"Energy traders are anticipating higher energy prices on potential geopolitical risks and as OPEC+ will stick to their plan to deliver another modest increase to production at next week's meeting," said OANDA's Edward Moya.
- Key figures around 1450 GMT -
New York - Dow: UP 1.2 percent at 34,695.09 points
London - FTSE 100: UP 1.3 percent at 7,559.94
Paris - CAC 40: UP 0.6 percent at 7,026.05
Frankfurt - DAX: UP 0.4 percent at 15,521.87
EURO STOXX 50: UP 0.5 percent at 4,189.17
Tokyo - Nikkei 225: DOWN 3.1 percent at 26,170.30 (close)
Hong Kong - Hang Seng Index: DOWN 2.0 percent at 23,807.00 (close)
Shanghai - Composite: DOWN 1.8 percent at 3,394.25 (close)
Euro/dollar: DOWN at $1.1152 from $1.1238 late Wednesday
Pound/dollar: DOWN at $1.3383 from $1.3458
Euro/pound: UP at 83.32 pence from 83.45 pence
Dollar/yen: UP at 115.41 yen from 114.64 yen
Brent North Sea crude: UP 1.0 percent at $90.87 per barrel
West Texas Intermediate: UP 1.0 percent at $88.28 per barrel
burs-cdw/lth
F.Moura--PC