- Marxist leader set to become Sri Lanka's next president
- From blades to pull-up bars: UK charity tackles knife crime
- Swiss vote on pensions and environment protections
- No pain, no gain: Chinese pro wrestlers fight for recognition
- UAE leader seeks to deepen 'strategic' ties in US visit during Mideast crisis
- Hezbollah takes heavy hits but still fighting Israel
- Floods, landslides hit central Japan months after major quake
- All Blacks coach Robertson demands better finishing
- 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
Oil stabilises after big drop on IMF growth cut
Asian markets were flat on Wednesday as oil began clawing its way back up from a big drop after the International Monetary Fund downgraded its global growth forecast for 2022.
The IMF lowered its outlook to 3.6 percent -- a .08 percent slash from its previous estimate released in January -- prompting a five-percent dive in oil prices on Tuesday.
The fund pointed to surging energy prices, rising debt, supply-chain woes, and a series of inflationary crises linked to the war in Ukraine and the coronavirus pandemic.
"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.
While oil prices showed their first sign of susceptibility to global economic trends after the announcement, US stocks rallied on the back of promising housing-starts data and solid corporate earnings.
"In the absence of inventory buffers, there are only two things that can send oil lower, recession and or demand destruction. More folks were more willing to check one or both of those boxes overnight on the back of the IMF economic warning shot and China's protracted lockdown," said Stephen Innes at SPI Asset Management.
Tens of millions are still barred from leaving home in China's economic centre Shanghai and tech hub Shenzhen, where a Covid-19 outbreak has broken down supply lines and shuttered businesses.
Alongside the positive corporate earnings and housing data, much of Wall Street's 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".
In Tokyo, the Nikkei 225 opened slightly higher, buoyed by a cheaper yen, but the Hang Seng Index in Hong Kong was marginally lower after being battered by China growth concerns and Beijing's crackdown on the tech sector on Tuesday.
Shanghai and Seoul were also down while Sydney, Jakarta, and Taipei were inching upward.
- Key figures around 0230 GMT -
Tokyo - Nikkei 225: UP 0.56 percent at 27,135.27
Shanghai - Composite: DOWN 0.64 percent at 3,173.65
Hong Kong - Hang Seng Index: DOWN 0.40 percent at 20,943.35
Dollar/yen: DOWN at 128.65 yen from 128.89 yen
Euro/dollar: UP at $1.0806 from $1.0796
Pound/dollar: UP at $1.3032 from $1.2998
Euro/pound: DOWN at 82.92 pence from 82.98 pence
Brent North Sea crude: UP 0.50 percent at $107.79 per barrel
West Texas Intermediate: UP 0.67 percent at $103.25 per barrel
New York - Dow: UP 1.5 percent at 34,911.20 (close)
London - FTSE 100: DOWN 0.2 percent at 7,601.28 points (close)
burs-ssy/leg
K.Thomson--BTB