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LONDON: European stock markets rebounded Wednesday from recent losses as investors snapped up cheaper shares and shrugged off US debt worries.

London equities gained 0.9 percent near midday, while Frankfurt won 1.1 percent and Paris jumped 1.2 percent in early afternoon eurozone deals.

London shares were buoyed partly by a weak British pound, which hit a January-low at $1.35 on fears of stagflation, or a vicious mix of high inflation and low economic growth.

The euro struck a ten-month low at $1.1657 on the prospect of tighter US monetary policy.

Oil prices dipped one day after Brent had surged close to a three-year peak above $80 on tight global supplies.

"European stock prices have become cheaper, given the sell off we have seen during the past few days, and this has brought some bargain hunters into the markets," AvaTrade analyst Naeem Aslam told AFP.

Europe's bourses had stumbled earlier this week on high oil prices, political impasse in Germany and US debt concerns.

Wednesday's rebound was also driven by hopes of a deal to avert a potentially catastrophic US debt default, according to Swissquote analyst Ipek Ozkardeskaya.

"The rebound we see is a correction of the latest sell off, and is certainly fuelled by the expectation (of) an eventual deal on the US debt ceiling," she added.

However, Asian markets mostly fell Wednesday following a rout on Wall Street as investors fret over surging inflation, the end of the Federal Reserve's financial support and the US debt standoff.

Ongoing worries about the potential collapse of Chinese property giant Evergrande, an energy crunch in China and the ever-present spectre of the Delta coronavirus variant also soured the mood.

Tokyo's main stocks index tanked more than two percent, having enjoyed a strong run in recent weeks on hopes for more stimulus from a new Japanese prime minister.

Asian markets tumble on fears over inflation, Fed and default

The ruling party elected former foreign minister Fumio Kishida its new leader Wednesday, putting him on course to take the mantle of Yoshihide Suga.

However, Hong Kong, Singapore, Manila and Jakarta rose.

Oil prices sagged after data pointed to a drop in US stockpiles, though analysts expect the commodity to maintain its strength for the foreseeable future.

Key figures around 1045 GMT

London - FTSE 100: UP 0.9 percent at 7,089.22 points

Frankfurt - DAX: UP 1.1 percent at 15,409.82

Paris - CAC 40: UP 1.2 percent at 6,584.26

EURO STOXX 50: UP 1.2 percent at 4,106.62

Tokyo - Nikkei 225: DOWN 2.1 percent at 29,544.29 (close)

Hong Kong - Hang Seng Index: UP 0.7 percent at 24,663.50 (close)

Shanghai - Composite: DOWN 1.8 percent at 3,536.29 (close)

New York - Dow: DOWN 1.6 percent at 34,299.99 (close)

Euro/dollar: DOWN at $1.1665 from $1.1683 at 2100 GMT on Tuesday

Pound/dollar: DOWN at $1.3521 from $1.3537

Euro/pound: DOWN at 86.26 pence from 86.31 pence

Dollar/yen: DOWN at 111.35 yen from 111.50 yen

Brent North Sea crude: DOWN 0.8 percent at $78.49 per barrel

West Texas Intermediate: DOWN 0.8 percent at $74.72 per barrel

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