Global stocks, Wall Street rebound from Ukraine jitters

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Global stock markets and Wall Street futures rebounded Wednesday from jitters over Western sanctions on Russia in response to President Vladimir Putin's authorization to send soldiers into eastern Ukraine.

London and Frankfurt opened higher. Shanghai, Hong Kong and Seoul advanced. Japanese markets were closed for a holiday.Global stocks sank Tuesday after Washington, Britain and the 27-nation European Union imposed sanctions on Russian banks, officials and business leaders.

In early trading, the FTSE 100 in London rose 0.4% to 7,523.96 and Frankfurt's DAX gained 0.7% to 14,798.01. The CAC in Paris added 0.9% to 6,845.85. On Tuesday, the S&P 500 lost 1%. That put it 10.3% below its Jan. 3 all-time high and into a correction, or a decline of at least 10% but less than 20%.In Asia, the Shanghai Composite Index rose 0.9% to 3,489.15 and the Hang Seng in Hong Kong gained 0.6% to 23,660.28.New Zealand rose after the central bank raised its benchmark interest rate by one-quarter point to 1% to cool inflation. The Reserve Bank of New Zealand said its benchmark rate would be raised to more than 3% by next year.

Wheat prices rose on concern about supplies from Russia and Ukraine being disrupted. Prices of nickel and aluminum, for which Russia is a major supplier, also rose.

 

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