Global stocks rise as investors hunt for bargains

NEW YORK: World stocks rebounded energetically Thursday as investors hunted for bargains after experiencing heavy losses caused by anxiety over the deepening US-China trade war.

In New York, rising bond yields signaled a return to calm for investors buffeted the deterioration in relations.

Tech shares also rose as markets anticipated the acquisition of cybersecurity firm Symantec's enterprise business by Broadcom -- a deal announced after the New York close.

The advance in stocks put the broad-based S&P and tech-heavy Nasdaq on track to end the week in positive territory but the major indices are still lower for the month.

US equities have yo-yoed this month, battered by disappointment with the Federal Reserve, frightening economic data out of Europe, falling Treasury yields and a sudden escalation of trade friction with China.

But yields on the 10-year US Treasury were up a hair's breadth at 2100 GMT to around 1.72 percent, a day after touching three-year low.

"I don't think that the risks are passed. I doubt that the worst is over yet," Maris Ogg of Tower Bridge Advisors told AFP.

"Typically, August, September, October are not very healthy periods for the market."

Positive export data out of China calmed Asian nerves early in the day, causing equities in that region to rise as well.

Equity markets in Europe, rattled Wednesday by grim German economic data, took their cue from Asian strength and powered ahead to post solid gains by the close.

But analyst Michael Hewson at CMC Markets warned that there was no guarantee the recovery would last.

"For this rebound to gain further momentum we would need to see evidence of a softening of the rhetoric around trade, and a willingness on the part of both parties to dial back their current positions," he said.

There was little faith in such a scenario across trading floors, and safe haven assets such as bonds, gold and the yen remained in demand.

Oil prices rebounded strongly, a day after slumping to seven-month low points on higher-than-expected US crude supplies, while bond markets gave up some of the previous day's sharp gains.

- Key figures around 2100 GMT -

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New York - Dow: UP 1.4 percent at 26,378.19 (close)

New York - S&P: UP 1.9 percent at 2,938.09 (close)

New York - Nasdaq: UP 2.2 percent at 8,039.16 (close)

London - FTSE 100: UP 1.2 percent at 7,285.90 points (close)

Frankfurt - DAX 30: UP 1.7 percent at 11,845.41 (close)

Paris - CAC 40: UP 2.3 percent at 5,387.96 (close)

EURO STOXX 50: UP 2.0 percent at 3,375.38 (close)

Tokyo - Nikkei 225: UP 0.4 percent at 20,593.35 (close)

Hong Kong - Hang Seng: UP 0.5 percent at 26,120.77 (close)

Shanghai - Composite: UP 0.9 percent at 2,794.55 (close)

Euro/dollar: DOWN at $1.1182 from $1.1203

Pound/dollar: DOWN at $1.2138 from $1.2140 around 2100 GMT

Euro/pound: DOWN at 92.12 pence from 92.26 pence

Dollar/yen: DOWN at 106.06 yen from 106.23 yen

Brent North Sea crude: UP 2 percent at $57.38 per barrel

West Texas Intermediate: UP 2.8 percent at $52.54 per barrel