Stock market today: Hopes that interest rate hikes will abate push world shares higher

A currency trader passes by the screens showing the Korea Composite Stock Price Index , left, and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Tuesday, Oct. 10, 2023. Asian shares climbed Tuesday after Wall Street advanced on potentially encouraging news about interest rates, which have been dragging markets lower since the summer.

In Australia, the S&P/ASX 200 rose 1% to 7,040.60. South Korea's Kospi slipped 0.3% to 2,402.58. In Bangkok the SET gained 0.2%.indebted developer Country Garden said Tuesday that it could not meet all of its obligations and expected its financial situation to remain pressured due to a protracted slump in sales.The area embroiled in conflict is not home to major oil production, but fears that the fighting could impact the crude market sent a barrel of U.S. oil up $3.59 to $86.38.

Investors dislike higher interest rates because they knock down prices for stocks and other investments. They also make it more expensive for all kinds of companies and households to borrow money, which slows business activity. This upcoming week will also bring the unofficial start to earnings reporting season for the S&P 500, with Delta Air Lines, JPMorgan Chase and UnitedHealth Group among the big companies scheduled on the calendar.

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