- Last-minute legal ruling allows betting on US election
- Despite hurricanes, Floridians refuse to leave 'paradise'
- Israel observes Yom Kippur amid firestorm over Lebanon strikes
- Trump demonizes migrants in dark, misleading speech
- X says 'alert' to manipulation efforts after pro-Russia bots report
- US, European markets rise before Boeing unveils sweeping job cuts
- Small Quebec company dominates one part of NHL hockey: jerseys
- Comoros shock Tunisia, Salah, Mbeumo strike in AFCON qualifiers
- Boeing to cut 10% of workforce as it sees big Q3 loss
- Germany win in Nations League as 10-man Dutch rescue point
- Undav brace sends Germany to victory against Bosnia
- Israel says fired at 'threat' near UN position in Lebanon
- Want to film in Paris? No sexism allowed
- Ecuador's last mountain iceman dies at 80
- Milton leaves at least 16 dead, millions without power in Florida
- Senegal set to announce breakaway development agenda: PM
- UN says 2 peacekeepers wounded in south Lebanon explosions
- Injury-hit Australia thrash 'embarrassing' Pakistan at Women's T20 World Cup
- Internal TikTok documents show prioritization of traffic over well-being
- Israel says fired at 'immediate threat' near UN position in Lebanon
- New US coach Pochettino hails Pulisic but worries over workload
- Brazil orders closure of 2,000 betting sites
- UK govt urged to raise pro-democracy tycoon's case with China
- Sculptor Lalanne's animal creations sell for $59 mn
- From Tesla to Trump: Behind Musk's giant leap into politics
- US, European markets rise as investors weigh rates, earnings
- In Colombia, children trade plastic waste for school supplies
- Supercharged hurricanes trigger 'perfect storm' for disinformation
- JPMorgan Chase profits top estimates, bank sees 'resilient' US economy
- Djokovic proves staying power as he progresses to Shanghai semi-finals
- Sheffield Utd boss Wilder 'numb' after Baldock death
- Little progress at key meet ahead of COP29 climate summit
- Fans immerse themselves in Marina Abramovic's first China exhibition
- Israel says conducting review after UN peacekeepers wounded in Lebanon
- 'Party atmosphere': Skygazers treated to another aurora show
- Djokovic 'overwhelmed' after 'greatest rival' Nadal's retirement
- Zelensky in Berlin says hopes war with Russia will end next year
- Kyrgyzstan opens rare probe into glacier destruction
- European Mediterranean states discuss Middle East, migration
- Djokovic proves staying power as progresses to Shanghai semi-finals
- Hurricane Milton leaves at least 16 dead as Florida cleans up
- Britain face 'ultimate challenge' in America's Cup duel with New Zealand
- Lebanon calls for 'immediate' ceasefire in Israel-Hezbollah war
- Nihon Hidankyo: Japan's A-bomb survivors awarded Nobel
- Thunberg leads pro-Palestinian, climate protest in Milan
- Boat captain rescued clinging to cooler in Gulf of Mexico after storm Milton
- Tears, warnings after Japan atomic survivors group win Nobel
- 'Unspeakable horror': the attacks on Hiroshima and Nagasaki
- Stock markets diverge before China weekend briefing
- Christian villagers 'trapped' in south Lebanon crossfire
Asian, European markets rise as Fed eases fears of huge rate hike
Markets rallied Thursday after the US Federal Reserve played down chances of a huge interest rate hike in the near future, while oil extended gains as the European Union moved to ban imports from Russia.
US central bank officials announced an expected half-point lift in borrowing costs -- the biggest since 2000 -- as part of its battle to rein in inflation, while unveiling a timetable to offload its vast bond holdings.
However, traders were given some much-needed cheer when Fed boss Jerome Powell said a 75 basis-point rise, which had been flagged by many observers, was not "not something the committee is actively considering".
While he flagged more 50-point hikes to come, the news fuelled a rally on Wall Street, where all three main indexes piled on around three percent thanks to a surge in tech firms, which are most susceptible to higher rates.
"This was a reflection of relief, as investors came into the meeting fearful that the committee would be overly aggressive in tightening monetary policy," said Clara Cheong of JP Morgan Asset Management.
She added that if inflation began showing signs of slowing, it could allow the Fed to be less aggressive as it treads a fine line between containing prices and nurturing the post-pandemic economic recovery.
"It remains to be seen if the Fed can pull off this fine balancing act and orchestrate a soft landing, but for now we believe that the US economy is in a strong enough position to weather higher rates," Cheong said.
"There is still, however, a risk that an overly aggressive approach can run the risk of tipping the economy into a mild recession in 2023."
The gains in New York filtered through to Asia, where while Hong Kong, Sydney, Taipei, Mumbai, Manila, Bangkok and Wellington rose. Singapore dipped.
Shanghai advanced after returning from a long break with traders seemingly unmoved by data showing activity in China's services sector fell to the lowest level since the outset of the pandemic.
The news reinforced the view that China's strict zero-Covid measures were hammering the world's number two economy.
London, Paris and Frankfurt soared at the open.
- Oil extends gains -
"Removing some of the uncertainty is helpful in getting some of the cash that has been on the sideline back into the markets, whether it's bonds or equities," Erin Gibbs, of Main Street Asset Management, told Bloomberg Television.
The Fed hike was the latest in a series of steps by central banks around the world to contain inflation, and came ahead of an expected lift by the Bank of England later Thursday.
News that Turkish inflation soared to 70 percent in April highlighted the battle central bankers face in controlling prices.
Still, analysts warned there was only so much central banks could do to bring inflation under control as the spike was also being fuelled by supply chain problems caused by China's Covid-related lockdowns and surging energy costs, particularly oil.
Oil extended Wednesday's big gains after the European Commission proposed a gradual ban on Russian crude over Moscow's invasion of Ukraine.
That was compounded by data showing stockpiles shrinking and a weaker dollar caused by lower expectations for US rate hikes.
"The oil market will remain tight going forward, and now that a peak in the dollar is in place, crude prices should have extra support here," said OANDA's Edward Moya.
- Key figures at around 0720 GMT -
Hong Kong - Hang Seng Index: UP 0.5 percent at 20,973.33
Shanghai - Composite: UP 0.7 percent at 3,067.76 (close)
London - FTSE 100: UP 1.6 percent at 7,610.48
Tokyo - Nikkei 225: Closed for a holiday
West Texas Intermediate: UP 0.5 percent at $108.36 per barrel
Brent North Sea crude: UP 0.7 percent at $110.90 per barrel
Euro/dollar: DOWN at $1.0599 from $1.0625 on Wednesday
Pound/dollar: DOWN at $1.2542 from $1.2632
Euro/pound: UP at 84.51 pence from 84.06 pence
Dollar/yen: UP at 129.53 yen from 129.05 yen
New York - Dow: UP 2.8 percent at 34,061.06 (close)
H.E.Young--AMWN