- Peru's ex-president Toledo gets 20 years for corruption
- Chile launches vaccine that neuters dogs for a year
- Toxicology tests show Liam Payne had 'multiple' drugs in system: reports
- WNBA players union opts out of deal, now set to end in 2025
- Harris woos on-the-fence Republicans, Trump tours storm damage
- Henderson howler hands Forest victory over Crystal Palace
- Yankees and Dodgers to renew epic rivalry in World Series
- Stock markets mostly slide, oil jumps as China cuts rates
- Parents of Venezuela minors held after election ask UN to intervene
- NBA and Nike extend partnership deal for 12 years
- Israel strikes 300 Hezbollah targets as US urges war's end
- Tourist dreams turn sour after Cuba lights go off
- Italy PM seeks to save Albanian migrant deal amid spat with judges
- Tagovailoa returns to NFL practice Wednesday after concussion
- US infant mortality spiked after right to abortion overturned: study
- Blinken back to Middle East to push for Gaza truce
- Neymar returns for Al Hilal in Al Ain thriller
- TGL set for January start as Woods-McIlroy might meet Jan. 27
- US Grand Prix - three things we learned
- Welsh rugby's future more important to Gatland than saving his job
- Venezuela arrests ex-oil minister accused of US links
- President Biya lands back in Cameroon after health rumours
- Watson out for NFL season with ruptured Achilles tendon
- Disney expects to name Iger's successor in early 2026
- Emery wants to 'break barriers' at transformed Aston Villa
- Hezbollah-linked financial firm an economic lifeline for Lebanese
- London trial probes 2015 Brazil mine disaster
- Police in Mozambique disperse vote protest
- Ancelotti wants goals over pressing from Madrid star Mbappe
- Major crypto, diamond fraud trial opens in France
- Electricity restored to 50% of Havana after nationwide blackout: Cuba state media
- How much aid is getting into Gaza?
- King Charles caps Australia trip with Opera House bash
- England's Buttler out of West Indies ODI series
- Moldova president hails EU referendum win after Russia meddling claims
- Van Dijk talking to 'right people' over Liverpool contract
- Vietnam's top leader pushes anti-corruption fight
- Arteta urges Arsenal to use Bournemouth 'pain' against Shakhtar
- Rabada fastest to 300th Test wicket, as Bangladesh all out for 106
- Erdogan rival Gulen dies in exile at 83
- Man Utd's Ten Hag relishing Europa League clash with Mourinho
- Amnesty says migrant workers exploited at Carrefour Saudi stores
- Fethullah Gulen: ex-Erdogan ally who became public enemy number one
- Seoul demands 'immediate withdrawal' of North Korean troops in Russia
- WHO to evacuate 1,000 Gazan women, children for urgent medical care
- Erdogan's rival Fetullah Gulen dies in exile aged 83
- Gauff-led USA pitted with Canada at season-opening United Cup
- Sanofi pursues sale of painkiller after political controversy
- Rabada takes 300th wicket as Bangladesh stumble to 60-6 at lunch
- Alpacas, hecklers and climate warnings: King Charles visits Australia's capital
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Stocks rally before key Fed update
European and US stock markets powered higher Wednesday, recovering further from recent sharp losses, as traders await the outcome of a key Federal Reserve policy meeting.
Wall Street's main indices snapped higher at the opening bell, rebounding from losses on Tuesday. The Dow climbed 0.9 percent, with the broader S&P 500 rising 1.6 percent and the tech-heavy Nasdaq Composite jumping 2.5 percent.
The major European indices were also strongly higher.
After weeks of uncertainty, the US central bank delivers Wednesday its views on the state of the world's top economy and how officials plan to tackle decades-high inflation without knocking its recovery off course.
While Fed boss Jerome Powell has pledged that interest rate rises would be carefully calibrated, the prospect of higher borrowing costs has rattled markets across the world.
Most key indices have been deep in the red from the start of the year -- with Wall Street particularly hard hit.
Powell's comments Wednesday will be pored over for signs of the Fed's plans, which most commentators believe include a first hike in March.
"The big question going into this meeting for traders and investors is whether the Fed will increase... four times this year and when the first interest rate hike will take place," said Naeem Aslam, chief market analyst at Avatrade.
- Market buzz -
Part of the market's exuberance may also be speculation that Powell may tone down his remarks about the need to aggressively raise interest rates.
"There is even some buzz that Fed Chair Powell won't sound as hawkish as feared when he holds his press conference," said analyst Patrick J. O'Hare at Briefing.com.
"That view may come back to bite the market," he added.
Despite recent stock market volatility due to concerns over interest rate hikes, analysts believe investors remain relatively upbeat about the prospects for the global economy once the current wave of the Covid-19 pandemic wanes.
"Providing (a) boost to the stock markets is optimism that the economic recovery is going to speed up in the months ahead," said Fawad Razaqzada at ThinkMarkets.
Pent up demand for holiday travel will be unleashed as "travel restrictions continue to ease across Europe as Omicron cases decline and more people get double or triple vaccinated," he added.
Nevertheless, authorities are currently downgrading growth forecasts as the impact of the Omicron variant becomes clear.
Germany on Wednesday trimmed its 2022 growth forecast to 3.6 percent, down from 4.1 percent.
The International Monetary Fund on Tuesday lowered its growth outlook for the global economy saying it has started the year "in a weaker position than previously expected".
It said Omicron threatened to set back the recovery as countries impose containment measures, while other issues remained, including inflation and geopolitical tensions.
Included in those tensions is the standoff on the Ukraine-Russia border, with Moscow building up troop numbers and the West led by the United States warning the risk of an invasion "remains imminent".
US President Joe Biden said such a move would prompt "enormous consequences" and even "change the world", adding that he would consider imposing direct sanctions on Russian counterpart Vladimir Putin on top of a raft of measures being drawn up.
- Key figures around 1430 GMT -
London - FTSE 100: UP 1.8 percent at 7,504.16 points
Paris - CAC 40: UP 2.5 percent at 7,006.84
Frankfurt - DAX: UP 2.3 percent at 15,475.54
EURO STOXX 50: UP 2.3 percent at 4,172.30
New York - Dow: UP 0.9 percent at 34,617.19
Tokyo - Nikkei 225: DOWN 0.4 percent at 27,011.33 (close)
Hong Kong - Hang Seng Index: UP 0.2 percent at 24,289.90 (close)
Shanghai - Composite: UP 0.7 percent at 3,455.67 (close)
Euro/dollar: DOWN at $1.1288 from $1.1305 late Tuesday
Pound/dollar: UP at $1.3510 from $1.3507
Euro/pound: DOWN at 83.59 pence from 83.66 pence
Dollar/yen: UP at 114.24 yen from 113.87 yen
Brent North Sea crude: UP 1.3 percent at $89.37 per barrel
West Texas Intermediate: UP 1.1 percent at $86.50 per barrel
burs/rl/gw
A.S.Diogo--PC