AVN 65.20 Increased By ▲ 0.25 (0.38%)
BAFL 30.74 Decreased By ▼ -0.77 (-2.44%)
BOP 4.80 Increased By ▲ 0.01 (0.21%)
CNERGY 3.71 Decreased By ▼ -0.13 (-3.39%)
DFML 14.21 Decreased By ▼ -0.20 (-1.39%)
DGKC 41.05 Decreased By ▼ -0.55 (-1.32%)
EPCL 46.45 Decreased By ▼ -0.25 (-0.54%)
FCCL 11.40 Increased By ▲ 0.11 (0.97%)
FFL 5.05 No Change ▼ 0.00 (0%)
FLYNG 5.80 Decreased By ▼ -0.02 (-0.34%)
GGL 10.33 Decreased By ▼ -0.12 (-1.15%)
HUBC 66.87 Increased By ▲ 1.23 (1.87%)
HUMNL 5.71 Increased By ▲ 0.05 (0.88%)
KAPCO 27.76 Increased By ▲ 0.01 (0.04%)
KEL 2.20 Increased By ▲ 0.05 (2.33%)
LOTCHEM 24.90 Increased By ▲ 0.55 (2.26%)
MLCF 21.44 Decreased By ▼ -0.04 (-0.19%)
NETSOL 83.60 Decreased By ▼ -1.19 (-1.4%)
OGDC 85.90 Decreased By ▼ -1.35 (-1.55%)
PAEL 11.01 Increased By ▲ 0.03 (0.27%)
PIBTL 4.22 No Change ▼ 0.00 (0%)
PPL 74.48 Decreased By ▼ -1.22 (-1.61%)
PRL 13.43 Decreased By ▼ -0.22 (-1.61%)
SILK 0.92 Increased By ▲ 0.03 (3.37%)
SNGP 40.40 Decreased By ▼ -0.93 (-2.25%)
TELE 5.86 Increased By ▲ 0.01 (0.17%)
TPLP 15.40 Decreased By ▼ -0.24 (-1.53%)
TRG 111.41 Decreased By ▼ -0.29 (-0.26%)
UNITY 13.75 Decreased By ▼ -0.23 (-1.65%)
WTL 1.14 Decreased By ▼ -0.02 (-1.72%)
BR100 4,037 Decreased By -26.9 (-0.66%)
BR30 14,412 Decreased By -56.6 (-0.39%)
KSE100 40,471 Decreased By -262.4 (-0.64%)
KSE30 15,163 Decreased By -67.2 (-0.44%)
Follow us

LONDON: Global stock markets rose Thursday, boosted by a healthy start to the US earnings season as more big-name firms report results and investors put aside concerns over soaring inflation.

Oil rebounded close to Monday's multi-year peaks after the International Energy Agency lifted global demand forecasts -- and cited shortages of natural gas and coal that are sparking a switch to crude.

Wall Street opened higher while stock markets in London, Paris and Frankfurt were all up in afternoon trading as investors digested earnings reports from major US banks.

"These results could set the stage for what to expect in the coming weeks of earnings season and could give an indication of how institutions performed recently, as rising costs and uncertainty in markets worried investors," said XTB analyst Walid Koudmani.

Morgan Stanley beat expectations with record revenues, while both Bank of America and Citigroup saw a jump in profits as they clawed back provisions made at the start of the pandemic.

Those results followed a broadly positive start for the US earnings season on Wednesday when JP Morgan Chase's third-quarter earnings beat expectations.

Delta Air Lines also posted a profitable third quarter despite warning over the impact of fuel prices.

"Earnings season gives investors a chance to ignore some of the noise and market narratives and get into actual numbers," added Markets.com analyst Neil Wilson.

"Only this time we expect the corporate reporting season to underline the inflation narrative."

Traders are meanwhile bracing for the end of an era of cheap cash, as inflation continues to surge on the back of supply chain problems and improving demand.

European stocks extend losses, SAP shines after forecast lift

"Some investors clearly expect the global economy to grow at a good pace despite facing high inflationary pressures stemming from supply-chain bottlenecks and surging energy prices," said Fawad Razaqzada, analyst at ThinkMarkets.

"While that may turn out to be the case, I would still err on the side of caution as incoming macro data and company earnings might suggest otherwise. The supply bottlenecks could be more damaging to the global economy than the markets are expecting," Razaqzada said.

After a year and a half of ultra-loose monetary policies from the world's central banks, which helped spur a rebound from the pandemic collapse and send equities flying, concern about consistently high price rises is forcing officials to tighten their belts.

Several have already started -- including South Korea and New Zealand, with Singapore joining in on Thursday -- but all eyes are on the Federal Reserve, with minutes from its most recent meeting showing it plans to move either next month or in December.

A higher-than-expected reading on US consumer inflation pushed the case for a November start to tapering its massive bond-buying programme, but the main question on traders' lips is now when it will begin to hike interest rates.

On Thursday, China said factory-gate inflation had in September hit its highest level in a quarter of a century owing to a spike in commodity costs and rocketing demand as economies reopen.

And with China a crucial exporter to the world, there are concerns the rises will transfer to other economies.

Key figures around 1350 GMT

New York - Dow: UP 1.0 percent at 34,729.02 points

London - FTSE 100: UP 0.9 percent at 7,203.48

Frankfurt - DAX: UP 1.2 percent at 15,438.68

Paris - CAC 40: UP 1.4 percent at 6,686.39

EURO STOXX 50: UP 1.5 percent at 4,146.34

Tokyo - Nikkei 225: UP 1.5 percent at 28,550.93 (close)

Shanghai - Composite: DOWN 0.1 percent at 3,558.28 (close)

Hong Kong - Hang Seng Index: Closed for holiday

Euro/dollar: UP at $1.1595 from $1.1594 at 2100 GMT

Pound/dollar: UP at $1.3698 from $1.3659

Euro/pound: DOWN at 84.64 from 84.88 pence

Dollar/yen: UP at 113.62 yen from 113.25 yen

Brent North Sea crude: UP 0.7 percent at $83.76 per barrel

West Texas Intermediate: UP 0.5 percent at $80.80 per barrel


Comments are closed.

Equity markets climb on upbeat US earnings

PM Shehbaz says IMF giving Pakistan tough time over unlocking loan

Roshan Digital Accounts: inflow clocks in at meagre $110mn in January

Apex committee decides to engage Afghan govt for final action against TTP

Pakistan’s oil industry on brink of collapse, says OCAC

China says it ‘regrets’ unmanned airship’s entry into US airspace

Fed seen hiking policy rate above 5% as hiring surges

Cotton arrival plunges 36% year-on-year

KSE-100 retreats 0.64% as rupee falls further

Imran Khan decides against contesting by-elections on 33 NA seats

2 terrorists killed in North Waziristan: ISPR