Stocks extend gains on strong US earnings, weak economic reports - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.

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Global stocks staged a recovery on Wednesday as strong earnings from US technology companies and OPEC+ plans for moderate oil output helped to counter jitters over weak economic reports.

The STOXX index of 600 European companies rose 0.45%, up for a third straight session, to recoup nearly half its losses during January’s global rout in shares.On Wall Street, the Dow Jones Industrial Average rose 0.46%and the S&P 500 gained 0.67%.Last month, the tech-heavy index fell as much as 19% from its all-time high in November as investors dumped highly valued growth stocks on prospects of faster-than-expected rate hikes.

Record high euro zone inflation of 5.1% in January defied expectations of a drop to 4.4%, sending German government bond yields to multi-year highs and the euro surging. Wednesday’s earnings outlook is helping to ease the uncertainty, but stubborn inflation and geopolitical risks remain a threat. An OPEC+ source told Reuters the producer group agreed to increase oil production by 400 000 bpd from March after a short meeting.The bond market sell-off since the start of the year stalled on Tuesday, with benchmark US 10-year Treasury yields hovering near their lowest levels in a week.The two-year US Treasury yield, which typically moves in step with interest rate expectations, was down 0.5 basis points at 1.160%.

 

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