Stock market today: Hopes that interest rate hikes will abate push world shares higher
World shares are higher after Wall Street advanced on potentially encouraging news about interest rates, which have been dragging markets lower since the summer
BANGKOK — Shares climbed Tuesday in Europe and Asia after Wall Street advanced on potentially encouraging news about interest rates, which have been dragging markets lower since the summer.
The International Monetary Fund warned Tuesday that the world economy is losing momentum in the face of higher interest rates, the war in Ukraine and widening geopolitical rifts.
Global economic growth is forecast to slow to 2.9% in 2024 from an expected 3% this year, the IMF said. The forecast for next year is down a notch from the 3% it predicted back in July.
But fueled by optimism over a respite from rising interest rates, Germany's DAX jumped 1.6% to 15,375.23 and the CAC 40 in Paris was up 1.4% to 7,117.90. Britain's FTSE 100 gained 1.5% to 7,604.40.
The futures for the S&P 500 and the Dow Jones Industrial Average edged 0.2% higher. On Monday, the S&P 500 gained 0.6%, flipping from losses to gains after two Federal Reserve officials suggested interest rates might remain steady at their next policy meeting because a jump in longer-term bond yields may be helping to cool inflation without further market-rattling hikes by the Fed.
The Dow gained 0.6% and the Nasdaq composite climbed 0.4%.
In Asian trading Tuesday, Tokyo's Nikkei 225 gained 2.4% to 31,746.53 and the Hang Seng in Hong Kong picked up 0.8% to 17,644.73. India's Sensex advanced 0.9%.
In Australia, the S&P/ASX 200 rose 1% to 7,040.60. South Korea's Kospi slipped 0.3% to 2,402.58. In Bangkok the SET gained 0.2%.
In the latest sign of trouble in China's property sector, indebted developer Country Garden said
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