AP

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.

AP

Colorado River settlement center of new Navajo Nation push...

Associated Press

Tribes say their future is at stake as they push for Congress to consider Colorado River settlement

Navajo officials are celebrating the signing of legislation outlining a proposed Colorado River settlement that would ensure water rights.

23 hours ago

Arizona doctors California abortions...

Associated Press

Arizona doctors can come to California to perform abortions under new law signed by Gov. Newsom

Arizona doctors can temporarily come to California to perform abortions for their patients under a new law signed by Gov. Gavin Newsom.

2 days ago

Father convicted of first-degree murder in northern Arizona...

Associated Press

Arizona man convicted of first-degree murder in starvation death of 6-year-old son

A northern Arizona father was convicted of first-degree murder Thursday in the 2020 starvation death of his 6-year-old son.

2 days ago

Former President Donald Trump sits in a courtroom next to his lawyer Todd Blanche before the start ...

Associated Press

Trump hush money trial enters new phase after defense rests without testimony from former president

Donald Trump's hush money trial is now closer to the moment when the jury will begin deciding the former president's fate.

4 days ago

UoA student convicted of first-degree murder after killing professor...

Associated Press

Former Arizona grad student convicted of first-degree murder in 2022 shooting of professor

A former University of Arizona grad student was convicted of first-degree murder after fatally shooting a professor on campus two years ago.

4 days ago

Rudy Giuliani bankruptcy filing defamation lawsuit...

Associated Press

Ex-NYC Mayor Rudy Giuliani, Arizona’s Kelli Ward plead not guilty in fake elector case

Giuliani appeared remotely for the arraignment that was held in a Phoenix courtroom. His trial will take place in October.

4 days ago

Sponsored Articles

...

Sanderson Ford

3 new rides for 3 new road trips in Arizona

It's time for the Sanderson Ford Memorial Day sale with the Mighty Fine 69 Anniversary, as Sanderson Ford turned 69 years old in May.

...

DESERT INSTITUTE FOR SPINE CARE

Desert Institute for Spine Care is the place for weekend warriors to fix their back pain

Spring has sprung and nothing is better than March in Arizona. The temperatures are perfect and with the beautiful weather, Arizona has become a hotbed for hikers, runners, golfers, pickleball players and all types of weekend warriors.

...

Day & Night Air Conditioning, Heating and Plumbing

Day & Night is looking for the oldest AC in the Valley

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