- Incoming French government under pressure on multiple fronts
- Hezbollah rockets strike near Israel's Haifa as UN warns of 'catastrophe'
- Haddad Maia roars back to beat Kasatkina in Korea Open final
- All-rounder Ashwin powers India to 280-run Test win over Bangladesh
- Failed Springbok 'gamble' sets up rugby championship decider
- Lebanon strikes send Israelis to shelters as UN warns of 'catastrophe'
- Far-right AfD eyes new win in east German state vote
- Tony Popovic set to become new Socceroos coach - reports
- All-round Ashwin powers India to big Test win over Bangladesh
- NZ chase 275 to win first Sri Lanka Test after Patel bags six
- Ashwin bags six wickets as India hammer Bangladesh in first Test
- Nascent French government under pressure on multiple fronts
- Angry French cognac makers see red over Chinese tariffs threat
- Protect the prosciutto: Italy battles swine fever
- UN holds 'Summit of the Future' to tackle global crises
- 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
Markets rally again as Hong Kong extends surge
Asian and European markets rallied further Thursday with another blistering surge in tech firms helping Hong Kong extend its recovery from the recent rout, while traders also cheered soothing comments on the US economy by the Federal Reserve after it lifted interest rates.
Regional sentiment remains buoyant after China's top economic official vowed measures to support beaten-down markets and indicated that a debilitating crackdown on the technology sector was nearing its end.
The news lit a fire under Asia on Wednesday -- sending Hong Kong's Hang Seng Index rocketing more than nine percent and the city's tech gauge flying by a record 22 percent.
That provided a platform for traders in Europe and New York, where an index of US-listed Chinese firms ended up 33 percent.
And the buying continued in early business on Thursday, with the HSI piling on seven percent with market heavyweight tech titans including Alibaba, Tencent and JD.com building on their eye-watering rallies.
Companies in other sectors that have been in Beijing's cross hairs over the past year, such as casinos and developers, also extended a rally.
"The statement addressed so many issues on various fronts, which is really rare," Ding Shuang at Standard Chartered said.
"Selloffs tended to be self-fulfilling partly because of the lack of response from the government," but part of the government's aim is likely to break that inertia and stabilise expectations, he added.
Adding to the broadly positive mood on trading floors were hopes that Ukraine and Russia were edging towards a ceasefire in a war that has sent markets spiralling and fears over inflation soaring with commodity prices.
Traders have grown increasingly worried that the spike in inflation and war in Europe will knock off-course an already fragile pandemic recovery, providing a headache for central bankers who are trying to rein in ultra-loose monetary policies.
And the Fed appeared to soothe some of those worries Wednesday when it lifted interest rates -- by a quarter of a point -- for the first time since 2018 but gave an upbeat review of the world's number-one economy.
Governor Jerome Powell said there was little chance of a recession in the next year and noted that it was "very strong and well positioned to handle tighter monetary policy".
He told reporters after the rate hike: "We're not going to let high inflation become entrenched. The costs of that would be too high."
The Fed was committed to using its "powerful tools" to prevent that, he added, while a gauge of future hikes suggested another six could be on the cards before the end of the year.
"The (policy board) was interpreted as hawkish, but expectations ran high for that scenario," said Stephen Innes of SPI Asset Management.
"Perhaps getting the event out of the way without a significant shock was enough to keep risk supported and, potentially, the dollar on the back foot.
"Risk assets could be interpreting this arguably 'too aggressive'. I think it's too early to panic on that front, 25 basis points is not a dramatic initial tightening and... the Fed maintains its flexibility.
"The last thing the Fed wanted to do was to err on the side of caution, which would have crushed their credibility.
"I think the Fed's hawkish tone is pushing away worries of the Fed behind the curve and inflation out of control. And stock markets like that."
After the healthy gains on Wall Street, Asia picked up the baton happily.
Tokyo charged more than three percent higher, while Shanghai, Sydney, Seoul, Mumbai and Manila were all up more than one percent. Taipei put on three percent with gains also seen in Singapore, Bangkok and Wellington.
London rose at the open ahead of a Bank of England rate decision later in the day. Paris and Frankfurt also advanced.
"The overall message you got from the Federal Reserve today was very clear," Deutsche Bank's Alan Ruskin told Bloomberg Television.
"They want financial conditions to tighten. The issue there is, can you soft-land this thing? Historically, when the Fed tightens, you do get some hard landing somewhere."
- Key figures around 0820 GMT -
Hong Kong - Hang Seng Index: UP 7.0 percent at 21,501.23 (close)
Tokyo - Nikkei 225: UP 3.5 percent at 26,652.88 (close)
Shanghai - Composite: UP 1.4 percent at 3,215.04 (close)
London - FTSE 100: UP 0.5 percent at 7,325.70
Brent North Sea crude: UP 3.8 percent at $101.75 per barrel
West Texas Intermediate: UP 3.5 percent at $98.33 per barrel
Euro/dollar: UP at $1.1055 from $1.1038 late Tuesday
Pound/dollar: UP at $1.3176 from $1.3148
Euro/pound: DOWN at 83.88 pence from 83.90 pence
Dollar/yen: UP at 118.75 yen from 118.73 yen
New York - DOW: UP 1.6 percent at 34,063.10 (close)
P.Anderson--BTB