Tuesday, May 28, 2024
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European stocks surge at the open

PARIS (AFP) – European stock markets opened sharply higher yesterday a rally in Asia as investors track the war in Ukraine, COVID lockdowns in China and a key United States (US) Federal Reserve meeting.

London’s FTSE 100 was up 1.3 per cent at 7,265.53 points while the eurozone’s main markets were up more than two per cent, with Frankfurt at 14,189.48 points and Paris at 6,486.91.

European markets had fallen on Tuesday after Asian equities sank over concerns about the resurgence of COVID in China.

Oil prices also plunged over fears about demand in China, a major crude consumer.

But the war in Ukraine remains a major focus for investors.

Chief market analyst at CMC Markets Michael Hewson warned that “any rally is likely to find itself pushing against the headwinds of headlines out of Ukraine, as well as the prospect that Russia might default on a bond payment later” yesterday.

Moscow is due to pay USD117 million on two dollar-denominated bonds but sanctions have raised concerns about its ability to service its debt.

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