- ECB bans transgender women from women's professional cricket
- Monaco aiming to last in Ligue 1 title fight with PSG
- Kenya deputy president impeachment trial in chaos after he falls ill
- English coaches 'capable' of managing national team, says Southampton boss
- Wales scrum-half Gareth Davies retires from international rugby
- Real Madrid fans dismiss 'fake' Mbappe rape reports
- IMF chief calls for unity on shared challenges in 'deeply troubled times'
- Australia post 134-5 in semi-final of women's T20 World Cup
- Tech giants go nuclear in AI arms race
- 1,100 mpox deaths recorded across Africa: CDC
- UK's National Gallery bans liquids after activist art attacks
- Onboard wifi is latest frontline in airline competition
- Instagram moves to face rising tide of sextortion scams
- Tributes to One Direction's Liam Payne after hotel balcony fall
- Bangladesh court issues arrest warrant for ex-leader Hasina
- Israel says 'checking' if Hamas chief Sinwar killed in Gaza
- Victims of Vietnam tycoon's record scam count losses after sentence
- EU leaders talk tough on migration, but divided on action
- Global stocks climb as ECB cut rates and tech rebounds
- Biden heads to Germany to discuss Ukraine, Middle East
- US retail sales pick up pace in September
- Pakistan sense series-levelling win over England after Sajid heroics
- Kenya deputy president falls ill during impeachment trial
- Mbappe to keep any explanations for Swedish justice, 'if necessary' - lawyer
- 345,000 Gazans face 'catastrophic' hunger this winter: UN
- ECB makes back-to-back interest rate cuts as inflation falls
- France's richest family, Red Bull in 'exclusive talks' for Paris FC takeover
- Public money 'must be at core' of new climate pact: UN's Stiell
- Russian MPs back ban on 'propaganda' of childless lifestyles
- New Zealand on top after India bowled out for 46 in rain-hit Test
- UK's Lammy visits China in bid to reset London-Beijing ties
- What's next in Swedish rape investigation into Mbappe?
- Nestle overhauls executive team as sales slump
- US B-2 bombers strike Huthi facilities in Yemen: military
- Eurozone stocks climb as ECB rate cut looms
- Lebanon crowdfunded ambulances under fire in Israel-Hezbollah war
- S Korean Nobel winner Han Kang hopes daily life 'won't change much'
- Pakistan extend lead beyond 200 in second England Test
- Liam Payne: One Direction singer swept up by teenage stardom
- Zelensky defends 'victory plan' at EU and NATO
- Vietnam death row tycoon jailed for life in separate trial
- Hard talk on migration tops agenda at EU summit
- Beckham says Ratcliffe needs time to revive Man Utd
- Conway puts New Zealand in lead after India bowled out for 46
- New Japan PM sends offering to Yasukuni war shrine
- S Korean court recognises misogyny as hate crime motive
- Couche-Tard executives in Japan to push 7-Eleven deal
- Martin targets mistake-free Australia MotoGP as Bagnaia lurks
- Tennis world No. 1 Swiatek hires stars' coach Fissette
- French Senate speaker 'astounded' by Macron 'ignorance' on Israel
CMSC | -0.24% | 24.86 | $ | |
CMSD | 0.03% | 25.157 | $ | |
BCC | -3.05% | 142.65 | $ | |
SCS | -1.23% | 12.98 | $ | |
GSK | -0.24% | 39.115 | $ | |
NGG | -1.24% | 67.306 | $ | |
BCE | -0.15% | 33.43 | $ | |
RBGPF | 1.67% | 60.5 | $ | |
RIO | -2% | 64.655 | $ | |
JRI | -0.23% | 13.14 | $ | |
BTI | -1.13% | 35.401 | $ | |
AZN | -0.19% | 78.165 | $ | |
RYCEF | 2.01% | 7.45 | $ | |
BP | 0.96% | 31.23 | $ | |
VOD | -1.18% | 9.735 | $ | |
RELX | 1.05% | 48.66 | $ |
Global stocks climb as ECB cut rates and tech rebounds
European and US stock markets rose Thursday as the European Central Bank cut interest rates and results from key chip maker TSMC calmed fears that the tech sector was struggling.
All the major European exchanges were higher in mid-afternoon trading, pulling London up with them, after the ECB cut its main interest rate a quarter point and expressed confidence that inflation is coming under control.
"Overall, the ECB’s decision is positive news for investors," said Jochen Stanzl, chief analyst at CMC Markets. "Investors now find themselves in a broadly positive environment, with the ECB supporting the bullish mood rather than obstructing it."
Meanwhile, all the main indexes on Wall Street were up in morning trading, with the tech-heavy Nasdaq leading the way, after Taiwan Semiconductor Manufacturing Company, which controls more than half the world's output of chips, announced better-than-expected third quarter profits.
Earlier this week, Dutch semiconductor equipment maker ASML released disappointing forward guidance, leading some investors to fret that the recent tech rally had gone too far and causing a steep sell-off on both sides of the Atlantic.
"Early earnings from semiconductor manufacturing giant TSMC has allayed fears over a potential slowdown in demand for chips signalled by Tuesday's dour ASML data," said Joshua Mahoney, chief market analyst at Scope Markets.
In early trading Thursday, chip-giant Nvidia was up more than three percent and its rival AMD was up almost two percent.
The ECB's decision to cut its benchmark rate by 25 basis-points had been well signalled and was widely expected, but the central bank's press release highlighted that inflation is coming under control and that economic activity is slackening, indicating further cuts to come.
"We think the data will support 25 basis point rate cuts at each of the next few meetings, at the very least," said Jack Allen-Reynolds, deputy eurozone economist at Capital Economics.
Stock markets in Paris, Frankfurt, Milan and Amsterdam were all up more than one percent.
Earlier Thursday, eurozone inflation for September was revised down to 1.7 percent from 1.8 percent, placing it well below the ECB's two-percent target. A weak economy has also added pressure on the ECB to reduce borrowing costs.
The euro slid against the dollar and gold hit a new record high.
Shares in Finnish telecoms equipment maker Nokia dropped more than four percent after it reported an eight-percent drop in sales.
Nestle's stock price rose more than 3 percent after its new CEO, Laurent Freixe, announced an overhaul of the executive team as sales slump at the Swiss food giant.
- China's property sector crisis -
Earlier in the day, Hong Kong and Shanghai stock markets closed down, with property stocks tumbling after traders were left disappointed by fresh measures from China's housing minister to ease a real estate crisis.
China, the world's number-two economy, has struggled to recover since lifting strict Covid controls at the end of 2022, battered by a debt crisis in the property sector and torpid consumer demand.
Oil was little changed.
- Key figures around 1340 GMT -
New York - Dow: UP 0.2 percent at 43,152.84 points
New York - S&P 500: UP 0.3 percent at 5,859.67
New York - Nasdaq Composite: UP 0.4 percent at 18,433.14
Paris - CAC 40: UP 1.5 percent at 7,606.59
Frankfurt - DAX: UP 1.0 percent at 19,620.50
London - FTSE 100: UP 0.6 at 8,381.71 points
Tokyo - Nikkei 225: DOWN 0.7 percent at 38,911.19 (close)
Hong Kong - Hang Seng Index: DOWN 1.0 percent at 20,079.10 (close)
Shanghai - Composite: DOWN 1.1 percent at 3,169.38 (close)
Euro/dollar: DOWN at $1.0825 from $1.0859 on Wednesday
Pound/dollar: UP at $1.2991 from $1.2986
Dollar/yen: UP at 149.85 yen from 149.63 yen
Euro/pound: DOWN at 83.34 pence from 83.62 pence
West Texas Intermediate: FLAT at $70.35 per barrel
Brent North Sea Crude: DOWN 0.1 percent at $74.12 per barrel
Ch.Kahalev--AMWN