- 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
- Sudan rescuers say air strike killed 23 in Khartoum market
- Netanyahu tells UN to move Lebanon peacekeepers out of 'harm's way'
- Bangladeshi Hindus defy attack worries to celebrate festival
- Kiwis three up in America's Cup as Ineos pay for time penalty
- In a first, SpaceX 'catches' megarocket booster after test flight
- Dominant England crush Scotland at Women's T20 World Cup
- Dropped: The rise and fall of Pakistan batting maestro Babar Azam
- Israel fights Hezbollah on the ground, pounds Lebanon from the air
- Sabalenka outlasts local hero Zheng to win third Wuhan Open title
Europe stocks rally on Fed pivot, before ECB rate call
European equities leapt Thursday with Frankfurt and Paris striking all-time peaks, after the Federal Reserve pivoted toward interest rate cuts next year and sent Wall Street soaring to record highs.
The dollar slid however, while investors awaited UK and eurozone monetary policy decisions.
Frankfurt's DAX index vaulted to 17,003.28 and the Paris CAC 40 struck 7,653.99, with the European Central Bank (ECB) expected later Thursday to pause again as euro-area inflation slows.
London's FTSE 100 rallied more than two percent with the Bank of England (BoE) also forecast to keep its key rate at a 15-year pinnacle as UK inflation declines yet remains elevated.
The British central bank's decision due is at 1200GMT followed by the ECB at 1245GMT.
The Federal Reserve, chaired by Jerome Powell, on Wednesday sprang a much-sought-after dovish pivot as inflation also comes down in the world's biggest economy, in news which continued to dominate markets on Thursday.
The greenback retreated across the board with the euro and pound enjoying fresh strength, while oil prices spiked about two percent to rebound from recent six-month lows.
- 'Monster rally' -
"The Fed lit the touch paper for a monster rally as it greenlit market expectations for rate cuts next year," said Finalto analyst Neil Wilson.
"This was a major pivot. The Fed did not just say it's done; it embraced a much more dovish view."
After more than a year of hiking, Fed decision-makers at their last meeting of the year acknowledged that they were winning their battle against rising prices and discussed when to change tack to a looser monetary policy.
The central bank held rates at a 22-year high, as expected, and said the decision lets policymakers determine "the extent of any additional policy firming that may be appropriate".
The addition of "any", which was absent in November's decision, was "an acknowledgement that we believe that we are likely at or near the peak rate for this cycle", Fed chief Jerome Powell told reporters.
Officials also released their "dot plot" of future rates, which saw 75 basis points of cuts in 2024 -- more than indicated in September.
Traders are betting on 140 basis points of cuts over the next year, Bloomberg News said.
- Rate-hike cycle 'is over' -
"While there had been some persistent doubts about the Fed's interest rate hikes, it has now become clear that the current cycle is over," noted ActivTrades analyst Ricardo Evangelista.
"Investors now want to know when the central bank will start cutting rates and how fast they will come down."
The news sparked a bullish surge on Wall Street, with the Dow ending at a record high of over 37,000, while the S&P 500 closed at a near two-year high.
Treasuries -- seen as a guide to future rates -- strengthened, with 10-year yields at a four-month low below four percent.
The upbeat mood carried through to Asia, where Hong Kong, Sydney, Seoul, Singapore, Taipei, Manila, Bangkok, Mumbai and Jakarta all climbed. But Shanghai dipped on Chinese economic worries and Tokyo dropped on the stronger yen.
- Key figures around 1050 GMT -
London - FTSE 100: UP 2.3 percent at 7,720.04 points
Paris - CAC 40: UP 1.4 percent at 7,638.57
Frankfurt - DAX: UP 0.8 percent at 16,903.08
EURO STOXX 50: UP 1.1 percent at 4,580.10
Tokyo - Nikkei 225: DOWN 0.7 percent at 32,686.25 (close)
Hong Kong - Hang Seng Index: UP 1.1 percent at 16,402.19 (close)
Shanghai - Composite: DOWN 0.3 percent at 2,958.99 (close)
New York - Dow: UP 1.4 percent at 37,090.24 (close)
Euro/dollar: UP at $1.0908 from $1.0874 on Wednesday
Dollar/yen: DOWN at 141.67 yen from 142.89 yen
Pound/dollar: UP at $1.2668 from $1.2618
Euro/pound: DOWN at 86.10 pence from 86.18 pence
West Texas Intermediate: UP 2.0 percent at $70.86 per barrel
Brent North Sea crude: UP 1.9 percent at $75.70 per barrel
O.Johnson--AMWN