- Argentina edge South Africa to keep title hopes alive
- Biden says China 'testing us,' in hot mic remarks to Quad allies
- Dubois destroys Joshua to retain IBF world heavyweight crown
- Guardiola says critics want Man City wiped 'from face of the Earth'
- Biden says 'Quad' is 'here to stay' despite challenges
- Dubois knocks out Joshua to retain IBF world heavyweight crown
- Vinicius helps 'faster' Madrid overturn stubborn Espanyol
- Zelensky to press US on long-range missile strikes inside Russia
- PSG drop first points in draw at Reims
- Vinicius, Mbappe on target as Madrid crush plucky Espanyol
- Jeeno leads Ko by two at LPGA Queen City Championship
- Bottega Veneta goes for 'E.T.' chic as Madonna pops into D&G
- Messi, Miami frustrated by New York late leveler
- Musk's X platform takes first step toward lifting Brazil ban
- 'Business as usual' for Australia match-winner Carey amid boos
- Israeli jets pound Lebanon after deadly Beirut strike
- Ten Hag bemoans Man Utd's lack of killer instinct in Palace stalemate
- France's Macron appoints new government in shift to right
- Cheika proud of Leicester grit after winning start as boss
- Profligate Man Utd pay price in 0-0 draw at Palace
- Kane, Olise run riot as Bayern thump Bremen
- Diaz fires Liverpool top of Premier League, Man Utd held at Palace
- LIV champion Rahm out of LIV Team semis with severe flu
- Slot surprised by tearful Nunez's moment of magic
- Title rivals Norris, Verstappen on 'cool' front row for Singapore GP
- Biden talks China with 'Quad' leaders in hometown summit
- Juve and Napoli play out goalless draw in early Serie A title tussle
- Alcaraz fears tennis tour grind will 'kill us'
- Carey sparks recovery as Australia thrash England in 2nd ODI
- Leclerc, Sainz lament 'disappointing' Saturday in Singapore
- Bottega Veneta holds investors' aces as Madonna pops into D&G
- Beirut digs for victims at building flattened in Israeli strike
- Verstappen stages protest over 'ridiculous' swearing punishment
- Bayern boss Kompany lauds 'special talent' Olise
- Diaz fires Liverpool top of Premier League, Spurs bounce back
- Heavy fire over Israel-Lebanon border after deadly Beirut strike
- Ramos guides unbeaten Toulouse to Montpellier win despite Hogg scuffle
- Myanmar flood death toll jumps to 384
- Chelsea owners 'happy' with win at West Ham amid rift report
- Kane and Olise run riot as Bayern thump Bremen
- Ramos guides unbeaten Toulouse to Montpellier win
- Norris pips Verstappen to dramatic Singapore pole after Sainz crash
- Carey takes Australia to 270 in 2nd ODI against England after collapse
- Two Hezbollah leaders killed in Israel's Beirut strike
- Hungary Danube waters reach decade high after Storm Boris
- Bagnaia cuts Martin's MotoGP lead with Emilia-Romagna sprint win
- Jackson double fires Chelsea to victory at woeful West Ham
- Fiji beat Japan to lift Pacific Nations Cup
- Kasatkina to face Haddad Maia in Korea Open final
- S.Africa snowfall closes roads, strands motorists overnight
Oil prices dive on weaker IMF growth forecast as US stocks rally
Oil prices plunged by more than five percent Tuesday on worries that slowing growth will dent petroleum demand, while US stocks enjoyed a solid rally following a series of weak sessions.
The catalyst for the drop in both Brent and West Texas Intermediate futures was the IMF sharply downgrading its 2022 global growth forecast to 3.6 percent, 0.8 percentage points lower than its previous estimate released in January.
Energy prices are surging, debt levels are rising and shortages remain acute, the IMF noted, as multiple crises including the Ukraine war and coronavirus pandemic fuel an acceleration of inflation.
"The economic effects of the war are spreading far and wide -- like seismic waves that emanate from the epicenter of an earthquake," IMF chief economist Pierre-Olivier Gourinchas said in the report.
The downgrade was sharper for the eurozone, which is now expected to grow by 2.8 percent instead of 3.9 percent.
The report projected US growth would be 3.7 percent, down 0.3 percent from the earlier outlook.
While European bourses pulled back, US stocks enjoyed a buoyant session, rallying after a tepid open.
The broad-based S&P 500 finished up 1.6 percent.
Analysts cited better-than-expected US housing starts data, as well as solid earnings from Johnson & Johnson and other companies.
Much of the strength also stemmed from the positioning of the market.
"It's a nice reflex rally from an oversold position," said Art Hogan, strategist at National Securities, who said the dynamics reflected a "pretty oversold market."
Still, markets remain focused on the shifting monetary policy outlook as the yield on the 10-year US Treasury note climbed above 1.9 percent.
Airline shares were solidly higher after many US carriers lifted mask requirements following a ruling from a federal judge that struck down the nationwide face-covering mandate on transportation. American Airlines, Delta Air Lines and Southwest Airlines all won at least two percent.
But Lockheed Martin lost 1.6 percent after reporting that profits and sales dipped as the defense giant cited the drag from Covid-19 restrictions on its supply chain.
- Key figures around 2050 GMT -
New York - Dow: UP 1.5 percent at 34,911.20 (close)
New York - S&P 500: UP 1.6 percent at 4,462.21 (close)
New York - Nasdaq: UP 2.2 percent at 13,619.66 (close)
London - FTSE 100: DOWN 0.2 percent at 7,601.28 points (close)
Frankfurt - DAX: DOWN 0.1 percent at 14,153.46 (close)
Paris - CAC 40: DOWN 0.8 percent at 6,534.79 (close)
EURO STOXX 50: DOWN 0.5 percent at 3,830.76 (close)
Tokyo - Nikkei 225: UP 0.7 percent at 26,985.09 (close)
Shanghai - Composite: DOWN 0.1 percent at 3,194.03 (close)
Hong Kong - Hang Seng Index: DOWN 2.3 percent at 21,027.76 (close)
Dollar/yen: UP at 128.89 yen from 126.69 yen
Euro/dollar: UP at $1.0796 from $1.0782
Pound/dollar: DOWN at $1.2998 from $1.3019
Euro/pound: UP at 82.98 pence from 82.85 pence
Brent North Sea crude: DOWN 5.2 percent at $107.25 per barrel
West Texas Intermediate: DOWN 5.2 percent at $102.56 per barrel
burs-jmb/cs
S.Keller--BTB