Global stocks rise after Wall St breaks string of declines

May 29, 2022, 11:07 PM | Updated: May 30, 2022, 9:10 am

BEIJING (AP) — Global stocks and U.S. futures rose Monday after Wall Street rebounded from a seven-week string of declines and China eased anti-virus curbs on business activity in Shanghai and Beijing.

London and Frankfurt opened higher. Shanghai, Tokyo and Hong Kong advanced. Oil stayed above $110 per barrel.

The future for Wall Street’s S&P 500 index was 0.9% higher after the benchmark on Friday ended up 6.6% for the week after surging inflation declined. U.S. markets are closed Monday for a holiday.

“Markets rallied into the long weekend, providing a positive tone at the start of this week,” ING economists said in a report.

In early trading, the FTSE 100 in London gained 0.4% to 7,613.78 and the DAX in Frankfurt advanced 0.7% to 14,564.68. The CAC 40 in Paris rose 0.8% to 6,565.13.

On Wall Street, the Dow Jones Industrial Average future was up 0.7%.

On Friday, the S&P gained 2.5%, propelled by gains for tech companies.

Investors were relieved after Commerce Department data showed U.S. inflation, which has prompted the Federal Reserve to raise interest rates, decelerated to 6.3% over a year earlier in April, its first decline in 17 months.

Markets are worried about whether the Fed can control inflation that is running at a four-decade high without tipping the biggest global economy into recession.

The U.S. market has been in a slump for the past two months over fears about interest rate hikes that might slow economic activity, and the impact of Russia’s war on Ukraine and a Chinese economic slowdown.

Crude oil prices are up nearly 60% this year due to fears about disruptions in supplies from Russia, the second-biggest global exporter. Wheat prices are up about 50% and corn prices are up 30%.

The Dow rose 1.8% and the Nasdaq, dominated by tech stocks, gained 3.3%.

In Asia, the Shanghai Composite Index rose 0.6% to 3,149.06 after more factories and shops in Beijing and Shanghai were allowed to reopen.

The Nikkei 225 in Tokyo surged 2.2% to 27,369.43 and the Hang Seng in Hong Kong gained 2.1% to 21,123.93. The Kospi in South Korea advanced 1.2% to 2,669.66.

Sydney’s S&P-ASX 200 was 1.4% higher at 7,286.60.

India’s Sensex added 1.8% to 55,856.06. New Zealand and Southeast Asia markets gained.

More factories, shops and other businesses are allowed to reopen this week in Shanghai and in the Chinese capital, Beijing, after authorities declared outbreaks under control. The Shanghai city government promised rent and tax cuts, faster approvals for construction projects and more subsidies for electric car purchases.

In energy markets, benchmark U.S. crude rose 44 cents to $115.53 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the price basis for international oils, advanced 48 cents to $116.04 per barrel in London.

The dollar edged up to 127.34 yen from Friday’s 127.10 yen. The euro rose to $1.0766 from $1.0733.

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


This photo provided by Robert Wilkes, owner of a house boat management company, shows smoke rising ...

Associated Press

Houseboats catch fire while docked at Wahweap Marina on Lake Powell

More than half a dozen house boats momentarily caught fire at a popular boating destination on the Utah-Arizona line on Friday.

2 days ago

File - Women work in a restaurant kitchen in Chicago, Thursday, March 23, 2023. On Friday, the U.S....

Associated Press

US hiring, unemployment jump in May and what that says about the economy

The nation’s employers stepped up their hiring in May, adding a robust 339,000 jobs, well above expectations.

2 days ago

(Pixabay Photo)...

Associated Press

Oath Keeper from Arizona sentenced for role in Jan. 6 riot at US Capitol

Edward Vallejo, a U.S. Army veteran from Phoenix, oversaw a “Quick Reaction Force” at a Virginia hotel that was prepared to deploy an arsenal of weapons into Washington if needed, authorities say.

3 days ago

FILE - U.S. Border Patrol Chief Raul Ortiz listens during a news conference, Jan. 5, 2023, in Washi...

Associated Press

US Border Patrol chief is retiring after seeing through end of Title 42 immigration restrictions

The head of the U.S. Border Patrol announced Tuesday that he was retiring, after seeing through a major policy shift that seeks to clamp down on illegal crossings at the U.S.-Mexico border following the end of Title 42 pandemic restrictions.

4 days ago

FILE - President Joe Biden talks with House Speaker Kevin McCarthy of Calif., on the House steps as...

Associated Press

House OKs debt ceiling bill to avoid default, sends Biden-McCarthy deal to Senate

The House approved a debt ceiling and budget cuts package late Wednesday, as President Joe Biden and Speaker Kevin McCarthy assembled a bipartisan coalition of centrist Democrats and Republicans against fierce conservative blowback and progressive dissent.

4 days ago

Sean Bickings (Family Photo via city of Tempe)...

Associated Press

Family of man who drowned last year in Tempe Town Lake files wrongful death lawsuit

The family of a man who drowned in Tempe Town Lake a year ago filed a wrongful death lawsuit against the city Wednesday, noting that its police department doesn't have a policy requiring officers to go into the water to save someone.

4 days ago

Sponsored Articles



Why drug-free weight loss still matters

Wanting to lose weight is a common goal for many people as they progress throughout life, but choosing between a holistic approach or to take medicine can be a tough decision.

(Photo by Michael Matthey/picture alliance via Getty Images)...

Cox Communications

Valley Boys & Girls Club uses esports to help kids make healthy choices

KTAR’s Community Spotlight focuses on the Boys & Girls Club of the Valley and the work to incorporate esports into children's lives.


Day & Night Air Conditioning, Heating and Plumbing

Company looking for oldest air conditioner and wants to reward homeowner with new one

Does your air conditioner make weird noises or a burning smell when it starts? If so, you may be due for an AC unit replacement.

Global stocks rise after Wall St breaks string of declines