- Shanghai stocks gain after stimulus briefing as Asian markets rally
- South Korea military says 'fully ready' as drone flights anger North
- Pakistan 'vigilantes' behind rise in online blasphemy cases
- Nearly 90, but opera legend Kabaivanska is still calling tune
- Smith experiment as Test opener over, Green out of India series
- With inflation down, ECB eyes faster tempo of rate cuts
- Is life possible on a Jupiter moon? NASA goes to investigate
- Dodgers crush Mets 9-0 in MLB playoff series opener
- South Korea military says 'fully ready' as drone tensions soar
- Cummins back, Marsh and Head out of Pakistan ODI series
- Shanghai stocks swing after stimulus briefing as most of Asia rises
- New Zealand's Latham promises 'no fear' as he takes charge for India Tests
- Kyrgios vows to 'shut up' doubters with December comeback
- Public hearings start into death of Brit by Russian nerve agent
- Ex-Stasi officer faces verdict over 1974 Berlin border killing
- Role of government, poverty research tipped for economics Nobel
- 'Stolen satire' feeds US election misinformation
- Rookie McCarty captures first PGA Tour title in Black Desert Championship
- Australia all-rounder Green ruled out of India Test series
- Seeing double in Nigeria's 'twins capital of the world'
- UK FM to attend EU foreign affairs talks for first time in 2 years
- Carter, Billups among 13 new Basketball Hall of Fame inductees
- Ravens rip Commanders as Lions lose NFL sacks leader in win
- Hezbollah drone strike kills four, wounds dozens at Israeli base
- China says launches military drills around Taiwan
- Stewart leads Liberty past Lynx to level WNBA Finals
- England return to winning ways in Nations League, Austria thrash Norway
- UN chief says attacks on UNIFIL 'may constitute a war crime'
- Ravens outlast Commanders while Bucs batter Saints in NFL
- Dozens hurt in Israel as Hezbollah claims drone strike
- England deserve 'world class' coach: Carsley
- Burkina Faso win to become first qualifiers for 2025 AFCON
- AC Milan's Pulisic among five out for USA match in Mexico
- France's Amandine Henry retires from international football
- Centre-left set to win pro-Ukraine Lithuania's vote
- India's World Cup hopes in Pakistan hands after Australia defeat
- Zelensky says NKorea sending troops to Russian army
- England beat Finland to get back on track
- King and Lewis propel West Indies to T20 triumph over Sri Lanka
- Pre-Halloween 'Terrifier' lands atop North America box office
- 'I still plan to compete and play next season,' says Djokovic
- Harris, Trump seek advantage in knife-edge election battle
- Chepngetich shatters women's marathon world record in Chicago
- Kamindu and Asalanka power Sri Lanka to 179 against West Indies
- Chepngetich shatters women's marathon world record as Korir wins in Chicago
- Spain send injured Yamal home 'to prioritise player's health'
- In milestone, SpaceX 'catches' megarocket booster after test flight
- Iraq walks fine line with pro-Iran factions to avoid war
- Race four abandoned after New Zealand breeze into 3-0 lead in America's Cup
- West Indies win toss, put Sri Lanka in to bat in first T20
US oil prices slide below $70 a barrel; mixed day for global stocks
US oil prices finished below $70 a barrel for the first time since July on Wednesday on a mixed day for global equities, as traders pondered hopes for interest rate cuts from the European Central Bank and the US Federal Reserve.
West Texas Intermediate oil for delivery in January fell 4.1 percent to finish at $69.38 a barrel. The drop came as markets eyed signs of weakening demand amid skepticism that the OPEC + coalition's efforts will meaningfully restrain supply.
Analysts have begun to consider the possibility that Saudi Arabia could abruptly decide to open the spigots, recalling a move by the kingdom in 2014 to counter rising US production.
"There's increasing fears that the Saudis will just let loose with supply. They have a lot of spare capacity now because of how much they've cut back production wise," said John Kilduff of Again Capital. "So it's another bearish factor for the market."
Frankfurt's DAX stocks index hit a fresh record high, passing the 16,600 level for the first time, and in Paris the CAC 40 rose as sliding German factory orders added to hopes of an interest-rate reduction from the European Central Bank.
"Risk-on sentiment is driving price action this morning amid growing expectations that the European Central Bank could cut rates early next year," said Victoria Scholar, head of investment at trading firm Interactive Investor.
"Markets are pricing in an almost 90-percent chance of a cut from the ECB in the first quarter of 2024."
Equity investors digested additional data pointing to a softening US labor market, rekindling hopes of a Fed rate reduction.
Following Tuesday's below-forecast job openings data, on Wednesday jobs data from payrolls firm ADP also came in softer than expected, and trade data showed a considerable drop in exports.
Markets rallied in November on growing hope that with inflation continuing to fall and other parts of the economy easing, the Fed will be able to slash rates in 2024, with some suggesting as soon as the first quarter.
But US markets had another downcast session Wednesday, with all three major indices retreating.
Asia enjoyed some much-needed buying, with Tokyo up two percent and Sydney one percent higher.
Hong Kong, Sydney, Singapore, Seoul, Bangkok, Mumbai, Wellington, Taipei and Jakarta were also on the rise.
Shanghai fell, with sentiment dented after Moody's on Tuesday warned it had downgraded its outlook for China's credit rating owing to the country's rising debt levels and concerns over its battered property sector.
- Key figures around 2140 GMT -
New York - Dow: DOWN 0.2 percent at 36,054.43 (close)
New York - S&P 500: DOWN 0.4 percent at 4,549.34 (close)
New York - Nasdaq: DOWN 0.6 percent at 14,146.71 (close)
London - FTSE 100: UP 0.3 percent at 7,515.38 (close)
Paris - CAC 40: UP 0.7 percent at 7,435.99 (close)
Frankfurt - DAX: UP 0.8 percent at 16,656.44 (close)
EURO STOXX 50: UP 0.7 percent at 4,483.26 (close)
Tokyo - Nikkei 225: UP 2.0 percent at 33,445.90 (close)
Hong Kong - Hang Seng Index: UP 0.8 percent at 16,463.26 (close)
Shanghai - Composite: DOWN 0.1 percent at 2,968.93 (close)
Euro/dollar: DOWN at $1.0768 from $1.0797 on Tuesday
Pound/dollar: DOWN at $1.2559 from $1.2595
Dollar/yen: UP at 147.35 yen from 147.15 yen
Euro/pound: DOWN at 85.71 pence from 85.72 pence
West Texas Intermediate: DOWN 4.1 percent at $69.38 per barrel
Brent North Sea crude: DOWN 3.8 percent at $74.30 per barrel
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M.Thompson--AMWN