- Former delivery man Baldwin leads star names at PGA Championship
- Trump shooting: Secret Service admits complacency
- Can an ambitious Milei make Argentina an AI giant?
- Haiti, its suffering growing, in 'race against time': UN expert
- Ibrahim Aqil, the Hezbollah elite unit commander wanted by the US
- Chinese forward Cui signs NBA contract with Brooklyn Nets
- US Fed dissenter calls for 'measured' pace of rate cuts
- Guardiola tells players to lead change over workload as Kompany demands cap on games
- Norway limits wild salmon fishing as stocks hit new lows
- Top Hezbollah commander killed in Israeli strike on Beirut
- Rotterdam fatal knife attacker suspected of 'terrorist motive'
- First early votes cast in knife-edge US presidential election
- Top-ranked Swiatek out of Beijing due to 'personal matters'
- Hard-right Reform UK looks to the future after vote success
- Embiid agrees to NBA contract extension with 76ers
- Joshua aims to complete road to redemption in Dubois bout
- World champion Bagnaia sets pace with lap record at Misano
- Biden says 'working' to get people back to homes on Israel-Lebanon border
- Pope criticises Argentina's crackdown on protesters
- Court limits screenings of videos in France mass rape case
- Gurbaz century takes Afghanistan to 311-4 in 2nd ODI
- Central banks face 'difficult balancing act': IMF chief
- McLaren's Norris sets Singapore pace as struggling Verstappen 15th
- Guardiola tells players to lead change over workload fears
- Paris Olympics sports equipment moves to new homes
- 'Happy' Kinghorn relishing life at Toulouse
- Norris sets Singapore pace as Verstappen only 15th
- 8 dead in Israeli strike, source says Hezbollah commander killed
- Germany to bid to host women's Euro 2029
- Portugal brings deadly forest fires under control
- Postecoglou defends Solanke after slow start to Spurs career
- US nuclear plant Three Mile Island to reopen to power Microsoft
- Arteta urges Arsenal to take next step in Man City showdown
- Stock markets fall after Fed-fuelled rally
- Top Hezbollah commander 'killed' in Israel strike
- Poland charges Russian over attack on Navalny ally: prosecutors
- Man City have rest 'advantage' in Arsenal showdown: Guardiola
- Maresca has 'no doubt' in Jackson as Chelsea's number nine
- EU chief announces 35 bn euro loan plan for Ukraine before winter
- From TikTok to Hollywood, the irresistible rise of Italy's Khaby Lame
- Verstappen punished for swearing in Singapore press conference
- Sri Lanka lead by 202 in first New Zealand Test
- Brook 'not too fussed' by England's batting in heavy Australia loss
- India's Ashwin 'happy' to embrace pressure
- A modern 'Trojan Horse': two days of mayhem in Lebanon
- Third of Burundi mpox cases in children under five: UN
- Man Utd appoint Foster + Partners to develop Old Trafford 'masterplan'
- Israel-Hezbollah exchanges intensify on Lebanon border
- French mayor sorry for 'no one died' remark over mass rape trial
- Mohamed Al-Fayed, outsider shunned by British high society
CMSC | 0.04% | 25.13 | $ | |
CMSD | 0.16% | 25.05 | $ | |
GSK | -1.86% | 40.86 | $ | |
SCS | -3.26% | 12.89 | $ | |
RIO | -2.37% | 63.67 | $ | |
RBGPF | 5.79% | 60.5 | $ | |
NGG | 1.15% | 69.63 | $ | |
BTI | -0.39% | 37.425 | $ | |
AZN | -0.72% | 78.335 | $ | |
BCC | -1.93% | 141.95 | $ | |
BP | -0.14% | 32.715 | $ | |
RYCEF | 0% | 6.95 | $ | |
JRI | -0.53% | 13.329 | $ | |
BCE | -0.89% | 34.88 | $ | |
RELX | -0.32% | 47.975 | $ | |
VOD | -0.65% | 9.995 | $ |
European, US stocks rise on Ukraine hope as oil slumps
European and US equities largely rebounded Monday as investors seized on hopes of progress in peace talks between Russia and Ukraine, sending oil tanking alongside news of key crude consumer China's Covid lockdown of tech hub Shenzhen.
Europe shrugged off tech-fuelled Asian losses after Moscow said it made headway in peace talks with Kyiv ahead of Monday's latest round.
Frankfurt shares rallied 2.2 percent and Paris won 1.8 percent in afternoon deals, while London gained 0.3 percent.
US equities showed a meeker improvement, as traders reckoned with the prospect of the Federal Reserve raising interest rates at its meeting this week.
The S&P 500 rose by 0.2 percent and the Dow Jones Industrial Average by 0.6 percent in early deals, while the Nasdaq lost 0.2 percent.
The prospect of easing supply tensions and growing demand fears also sent oil prices sliding six percent.
"Moscow claims substantial progress in peace talks while escalating conflict ... but that is enough for traders grabbing onto any good headline," said Markets.com analyst Neil Wilson.
The latest talks come more than two weeks after Russia's President Vladimir Putin ordered his army to invade its pro-Western neighbour.
Back in Asia, traders fretted that China's spreading coronavirus lockdowns could slam the Asian superpower's demand for crude.
Asian equities mostly fell Monday with Hong Kong taking a pounding as the Shenzhen lockdown fuelled a tech-sector rout.
"The rapid spread of Covid across China is now unsettling investors, with expectations that mass lockdowns will once again blight the economy," said Hargreaves Lansdown analyst Susannah Streeter.
She added that oil "demand (is) expected to take a hit if Chinese economic output falls".
Crude has continued to drop from last week's near 14-year peak close to $140 per barrel.
However, the commodity -- which oils the wheels of the global economy -- remains elevated, keeping major upward pressure on inflation.
The Fed's latest monetary policy gathering is expected to end Wednesday with the bank announcing a quarter-point interest rate hike to tackle decades-high inflation in the US.
The US central bank is trying to walk a fine line between trying to rein in runaway inflation while also trying to support the world's biggest economy in the face of the war in Ukraine, which many fear could lead to another recession.
- Key figures around 1400 GMT -
New York - Dow: UP 0.6 percent at 33,155.03 points
London - FTSE 100: UP 0.3 percent at 7,179.41
Frankfurt - DAX: UP 2.2 percent at 13,932.67
Paris - CAC 40: UP 1.8 percent at 6,370.19
EURO STOXX 50: UP 1.6 percent at 3,747.18
West Texas Intermediate: DOWN 6.4 percent at $102.35
Brent North Sea crude: DOWN 6.0 percent at $105.89 per barrel
Hong Kong - Hang Seng Index: DOWN 5.0 percent at 19,531.66 (close)
Shanghai - Composite: DOWN 2.6 percent at 3,223.53 (close)
Tokyo - Nikkei 225: UP 0.6 percent at 25,307.85 (close)
Euro/dollar: UP at $1.0943 from $1.0912 Friday
Pound/dollar: UP at $1.3050 from $1.3037
Euro/pound: UP at 83.87 pence from 83.70 pence
Dollar/yen: UP at 118.00 yen from 117.29 yen
burs-sea/lth
H.Seidel--BTB