- At least 10 dead in Florida from tornadoes caused by Hurricane Milton
- Warhol's rare 'Queen' collection opens at Dutch museum
- Three-time NBA champion Green retires
- MLB Twins up for sale after 40 years
- S.Sudan floods affect 893,000, over 241,000 displaced: UN
- Solar storm could impact US hurricane recovery efforts: agency
- Windies sweat on injury to 'crucial' Taylor at World Cup
- Lebanon says 11 dead, 48 injured in Israeli strikes on Beirut
- Panama lashes out at EU over tax haven 'outrage'
- Erdogan says Gaza 'shame of humanity', calls for permanent ceasfire
- TD Bank to pay more than $3 bn to US in money-laundering case
- SAfrica prosecutors drop criminal complaint against president
- 'Good opportunity': Nagelsmann upbeat despite Germany's long injury list
- Hurricane whips up bitter US election battle
- Cameroon bans media talk of president's health amid rumours
- NFL MVP Jackson and rookie phenom Daniels set for showdown
- Chad's capital under threat as floodwaters rise
- Lebanon state media says Israeli strikes hit central Beirut
- No answers on strike on reporters in Lebanon one year on: watchdog
- Ramharack picks four wickets as Windies beat Bangladesh in Women's T20 World Cup
- France's City of Light switches to climate-resilient power cables
- Djokovic hails Nadal 'legacy' as Alcaraz in 'shock' over retirement
- Obama hits campaign trail for Harris
- Delta eyes Election Day travel pullback as profits climb
- Djokovic tells Nadal: 'Your legacy will live forever'
- Ethel Kennedy, wife of RFK, dead at 96
- Zelensky denies ceasefire with Russia under discussion on trip
- Florida battered by hurricane, floods but spared 'worst-case scenario'
- After long fight for glory, Nadal leaves with a legacy of memories
- Home hopes Zheng and Wang through to last-eight in Wuhan Open
- UN peacekeepers say Israel fired on Lebanon HQ, injuring 2
- UK's William and Kate in first joint public engagement since cancer treatment
- Alcaraz out as top players pay tribute to Nadal at Shanghai Masters
- Racing's Farrell 'not thinking' about British and Irish Lions
- Alcaraz, Sinner pay tribute to 'unbelievable' Nadal at Shanghai Masters
- Over 200 women in legal talks with Harrods over Fayed abuse claims
- After K-pop, K-novels? South Korean Nobel win sparks joy, hope at home
- After Nadal exit, Djokovic left to rage against dying of the light
- A very stiff breeze: BBC says sorry for 20,000 kph wind forecast
- Triple centurion Brook happy to break Dad's club record
- Zelensky touts 'victory plan' against Russia in Macron talks
- Musk finally unveiling his long-promised robotaxi
- UN peacekeepers accuses Israel of firing on Lebanon HQ
- London's Frieze art fair goes potty for ceramics
- Southgate taking year out from coaching
- US, Europe stocks fall on US inflation data
- Zelensky meets Macron in Paris as part of European tour
- Hurricane Milton shreds Florida stadium roof
- UN probe accuses Israel of seeking to 'destroy' Gaza healthcare
- US consumer inflation eases to 2.4% in September
RBGPF | 4.03% | 63.35 | $ | |
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CMSC | 0.15% | 24.557 | $ | |
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SCS | -3.7% | 12.565 | $ | |
BTI | -0.97% | 35.14 | $ | |
AZN | -0.99% | 76.745 | $ | |
NGG | 0.14% | 65.72 | $ | |
RIO | 0.53% | 66.705 | $ | |
GSK | -2.85% | 39.125 | $ | |
RELX | -0.77% | 46.355 | $ | |
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BCE | -1.71% | 32.75 | $ | |
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CMSD | 0.27% | 24.746 | $ |
Oil prices hit fresh five-month high
Oil prices scored fresh five-month peaks Wednesday on unrest in the crude-rich Middle East and an OPEC+ call for its members to maintain its strategy of reducing output.
Eurozone stocks advanced as a drop in inflation raised hopes of a rate cut by the European Central Bank, while Wall Street stocks finished little changed following mixed US data.
Asian stocks mostly sank, with a massive earthquake in Taiwan rocking sentiment.
Gold zoomed to an all-time pinnacle at $2,230.15 per ounce before pulling back slightly. The yellow metal has been boosted by haven demand amid geopolitical tensions and the prospect of rate cuts.
Oil prices continued to advance with Brent crude closing in on $90 per barrel, as OPEC experts met to discuss extending supply cuts.
"Heightened geopolitical risks linked to escalating conflict in the Middle East, OPEC supply cuts and better data out of China are helping to drive bullish sentiment currently," said James Harte of TickMill Group.
- Euro inflation slows -
The Paris stock exchange gained 0.3 percent and Frankfurt rose 0.3 percent after investors seized on data showing the eurozone's annual rate of inflation decelerated to 2.4 percent last month from 2.6 percent in February thanks to a continued slowdown in food and drink price increases.
Cooling inflation and a deepening downturn in the manufacturing sector "are cementing expectations that the ECB will start cutting interest rates in June, lifting stocks," City Index analyst Fiona Cincotta told AFP.
Traders have pushed global equities higher for months, driven by optimism that the Fed will begin easing its monetary policy as soon as June as US inflation comes back towards officials' two percent target.
But forecast-busting US data on a range of indicators including inflation, factory activity and jobs has dimmed those hopes.
But Tom Cahill of Ventura Wealth Management said he was encouraged that Wednesday's US services report showed a retreat in prices in March, a better inflation picture than some recent data points.
Federal Reserve Chair Jerome Powell cautioned that lowering interest rates too soon could be disruptive, even as he kept the door open for cuts later in the year.
"The risk, though, of moving too soon, really is... that inflation does move up," he said, adding it "would be quite disruptive if we were to have to then come back in."
But if the US economy continues to evolve as expected, most Fed participants still expect it will be "appropriate to begin lowering the policy rate at some point this year," he said.
- Asian struggles -
Markets across Asia struggled.
Tokyo sank around one percent, while Hong Kong, Sydney, Seoul and Manila were off more.
Shanghai, Singapore, Wellington and Jakarta were also well in the red, but Bangkok and Mumbai rose.
Taipei stocks fell after a deadly 7.4-magnitude earthquake just off Taiwan's east coast, which added to the regional uncertainty, though there was some relief that the threat of a tsunami had dissipated.
"Taiwan was rocked by its worst earthquake in 25 years today, sending shockwaves through markets as investors looked to gauge the potential implications to the economy and supply chains," said Scope Markets analyst Joshua Mahony.
- Key figures around 1530 GMT -
New York - Dow: DOWN 0.1 percent at 39,127.14 (close)
New York - S&P 500: UP 0.1 percent at 5,211.49 (close)
New York - Nasdaq: UP 0.2 percent at 16,277.46 (close)
London - FTSE 100: FLAT at 7,937.44 (close)
Paris - CAC 40: UP 0.3 percent at 8,153.23 (close)
Frankfurt - DAX: UP 0.5 percent at 18,367.72 (close)
EURO STOXX 50: UP 0.5 percent at 5,069.25 (close)
Tokyo - Nikkei 225: DOWN 1.0 percent at 39,451.85 (close)
Hong Kong - Hang Seng Index: DOWN 1.2 percent at 16,725.10 (close)
Shanghai - Composite: DOWN 0.2 percent at 3,069.30 (close)
Dollar/yen: UP at 151.70 yen from 151.56 yen on Tuesday
Euro/dollar: UP at $1.0837 from $1.0770
Pound/dollar: UP at $1.2650 from $1.2578
Euro/pound: UP at 85.64 pence from 85.62 pence
Brent North Sea Crude: UP 0.5 percent at $89.35 per barrel
West Texas Intermediate: UP 0.3 percent at $85.43 per barrel
burs-jmb/bjt
L.Mason--AMWN