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LONDON: Stock markets mostly rose Wednesday, recovering further from recent sharp losses on easing concerns over Chinese property giant Evergrande ahead of a key update from the Federal Reserve.

The dollar also gained against most of its biggest rivals, while oil prices won solid support.

Nerves were settled by news that Evergrande had agreed a plan to repay interest on one of its key bonds, avoiding a default that many fear could hammer the domestic and global economy.

However, confidence remains at a premium as traders await the outcome of a crucial meeting of the Federal Reserve, which could announce a timetable to start tapering its vast monetary easing programme.

"Having seen some very bad days for equities in recent sessions, Europe and parts of Asia were more upbeat on Wednesday," noted AJ Bell investment director Russ Mould.

The Fed outcome "could give further support to markets", he added.

The US central bank's meeting comes against the ever-present backdrop of spiking coronavirus infections and slowing global growth.

Fed officials have signalled that by the end of the year they will begin winding in the ultra-loose monetary easing measures put in place at the start of the pandemic and that have been key to driving a global economic and equity-prices recovery.

The growing consensus is that the first announcement will be in November and the first reduction the next month. But Fed boss Jerome Powell could still provide details on the timetable.

European stocks rebound after Evergrande-driven rout

The decision comes as the Fed tries to keep a lid on surging inflation and prevent the recovering economy from overheating.

On the corporate front, shares in Entain gained six percent after the UK gambling giant revealed that it had received a takeover bid from US rival DraftKings worth $22.5 billion.

Key figures around 1015 GMT

London - FTSE 100: UP 1.2 percent at 7,066.46 points

Frankfurt - DAX: UP 0.7 percent at 15,450.71

Paris - CAC 40: UP 1.2 percent at 6,628.82

EURO STOXX 50: UP 0.9 percent at 4,132.89

Tokyo - Nikkei 225: DOWN 0.7 percent at 29,639.40 (close)

Shanghai - Composite: UP 0.4 percent at 3,628.49 (close)

Hong Kong - Hang Seng Index: Closed for a holiday

New York - Dow: DOWN 0.2 percent at 33,919.84 (close)

Euro/dollar: UP at $1.1732 from $1.1724 at 2045 GMT

Pound/dollar: DOWN at $1.3636 from $1.3659

Euro/pound: UP at 85.93 pence from 85.82 pence

Dollar/yen: UP at 109.54 yen from 109.21 yen

Brent North Sea crude: UP 1.3 percent at $75.36 per barrel

West Texas Intermediate: UP 1.3 percent at $71.42 per barrel

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