- Overshooting 1.5C risks 'irreversible' climate impact: study
- Time running out in Florida to flee Hurricane Milton
- Demis Hassabis, from chess prodigy to Nobel-winning AI pioneer
- The long walk for water in the parched Colombian Amazon
- Biden-Netanyahu to talk as Hezbollah, Israeli forces clash
- France vows to step up drugs fight after police vehicles torched
- Air France says jet flew over Iraq during Iran attack on Israel
- Activists target Picasso work to protest Israel arms sales
- Let 'Emily in Paris' remain in Paris, Macron says
- Global stocks diverge as Chinese shares tumble
- Time runs out in Florida to flee Hurricane Milton
- Chad issues warning ahead of more devastating floods
- Record-breaking Root helps England dominate Pakistan in first Test
- German govt sees economy shrinking again in 2024
- Ex-UK soldier denies passing secrets to Iran intelligence
- Creator's death no bar to new 'Dragon Ball' products
- Three Kosovo Serbs on trial over 'secession plot' attack
- Van Gogh museum to launch Impressionism show
- French minister ups ante in Eiffel Tower Olympic rings row
- Japan PM calls snap election to 'create a new Japan'
- German police shut pro-Palestinian camp over Thunberg invite
- Chinese stocks tumble on lack of fresh stimulus
- Trio wins chemistry Nobel for protein design, prediction
- SE Asian summit urges end to Myanmar violence but struggles for solutions
- Wimbledon replaces line judges with electronic system
- Record-breaking Root hits hundred as England power to 351-3
- Record-breaking Root hits hundred as England's power to 351-3
- Sabalenka relishes 'much-needed' tennis rivalry with Swiatek
- Liverpool goalkeeper Alisson set for six weeks out
- Taylor Swift got police escort to London gigs after Austria terror plot
- Cook tips Root to break Tendulkar's all-time runs record
- British skull auction sparks Indian demand for return
- Joe Root: England's elegant Test record-breaker
- Braving war: Lebanon's 'badass' airline defies odds
- Klopp to return as head of Red Bull football operations
- Hezbollah strikes Israel, says it foiled Israeli incursions
- Jurgen Klopp to return as head of Red Bull football operations
- Sinner to face Medvedev in Shanghai Masters quarter-finals
- US weighs Google breakup in landmark trial
- Record-breaking Root guides England to 232-2 in reply to Pakistan's 556
- Japan PM dissolves parliament for 'honeymoon' snap election
- Chinese stocks tumble on stimulus upset, Asia tracks Wall St higher
- 7-Eleven owner confirms new takeover offer from Couche-Tard
- Goodbye Tito? Tomb at risk as Serbs argue over Yugoslav legacy
- Restoration experts piece together silent Sherlock Holmes mystery
- Sinner avoids Shanghai deja vu with assured Shelton win
- Pyongyang to 'permanently' shut border with South Korea
- Trumpet star Marsalis says jazz creates 'balance' in divided world
- No children left on Greece's famed but emptying island
- Nepali becomes youngest to climb world's 8,000m peaks
RIO | -0.68% | 66.21 | $ | |
CMSC | 0.28% | 24.64 | $ | |
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BTI | 0.55% | 35.415 | $ | |
GSK | 0.45% | 38.19 | $ | |
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BP | -0.41% | 31.9 | $ | |
BCC | 0.45% | 142.665 | $ | |
RYCEF | -1.01% | 6.9 | $ | |
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CMSD | -0.11% | 24.8248 | $ | |
RBGPF | -2.48% | 59.33 | $ | |
RELX | -0.09% | 46.6 | $ | |
AZN | 0.12% | 76.965 | $ | |
VOD | 0.46% | 9.705 | $ |
US stocks stage comeback as oil slides further on US economy worries
US stocks bounced back from an early morning slump to close higher Tuesday as fresh data showed that job vacancies slipped in April to their lowest level since 2021.
Stock markets in Europe and Asia fell, while oil prices slid as the prospect of easing demand worldwide accompanied an announcement from OPEC+ alliance of major crude producers that it would roll back production cuts starting in October.
The price of a barrel of both Brent Crude and West Texas Intermediate fell more than one percent on Tuesday, building on recent declines.
Investors have shifted nervously in recent weeks on concerns the Fed will not cut interest rates until 2025 as inflation remains stubbornly above target.
Decision-makers have warned against moving too early, insisting on seeing more evidence that price rises are under control.
But fears of persistent economic weakness have moved to the fore, after the Institute for Supply Management (ISM) said Monday that its manufacturing index showed that US activity contracted for a second successive month in May.
And on Tuesday, the Labor Department's jobs opening and labor turnover survey (JOLTS) saw vacancies slip to just under 8.1 million in April, 300,000 fewer than a month earlier, and well below market expectations, according to Briefing.com.
The Dow Jones Industrial Average shook off an early slide to close up 0.4 percent Tuesday, while the broad-based S&P 500 and the tech-rich Nasdaq Composite Index both rose by 0.2 percent.
"We have a turn around in the market," Peter Cardillo from Spartan Capital told AFP, adding that the market had reversed course, while some US Treasury yields fell.
"We had factory orders which came in line with market expectations and there were less jobs openings, a sign that the labor market is unwinding a bit, and that's also why we are seeing the yield going lower," he added.
- India election causes slump -
Earlier Tuesday, stock indexes in Asia ended broadly lower, led by a nearly six percent slump in India as it appeared India's Prime Minister Narendra Modi would not win as big an election victory as expected.
The Sensex had jumped more than three percent Monday on hopes a big majority would help Modi push through economy-boosting measures.
But while Modi's Bharatiya Janata Party looked set to win India's national elections, results so far suggest it would not be the landslide initially expected.
Investors are now focused on Thursday's European Central Bank interest rate decision, where expectations are high that it could begin cutting interest rates.
They are also looking ahead to Friday's release of US non-farm payroll figures for a fresh snapshot of the labour market in the world's biggest economy.
- Key figures around 2025 GMT -
New York - Dow Jones: UP 0.4 at 38,711.29 points (close)
New York - S&P 500: UP 0.2 percent at 5,291.34 (close)
New York - Nasdaq: UP 0.2 percent at 16,857.05 (close)
London - FTSE 100: DOWN 0.4 percent at 8,232.04 (close)
Paris - CAC 40: DOWN 0.8 percent at 7,937.90 (close)
Frankfurt - DAX: DOWN 1.1 percent at 18,405.64 (close)
EURO STOXX 50: DOWN 1.0 percent at 4,953.37 (close)
Tokyo - Nikkei 225: DOWN 0.2 percent at 38,837.46 (close)
Hong Kong - Hang Seng Index: UP 0.2 percent at 18,444.11 (close)
Shanghai - Composite: UP 0.1 percent at 3,091.20 (close)
Euro/dollar: DOWN at $1.0883 from $1.0903
Pound/dollar: DOWN at $1.2772 from $1.2802
Dollar/yen: DOWN at 154.80 yen from 156.21 yen on Monday
Euro/pound: UP at 85.19 pence from 85.14 pence
West Texas Intermediate: DOWN 1.3 percent at $73.25 per barrel
Brent North Sea Crude: DOWN 1.1 percent at $77.52 per barrel
L.Mason--AMWN