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Investors have been nervous over fears that rising interest rates aimed at curbing rising inflation could lead to an economic downturn. The UN has called on central banks to slow rate hikes or risk plunging the world into prolonged stagnation.
US manufacturing data showing easing price pressures and slowing demand growth helped strengthen market sentiment on hopes that the US Federal Reserve (FRS) may soon move away from aggressive rate hikes.
Share prices rose on European stock exchanges, following the trend of Wall Street. The Wall Street indices grew by more than 2%, while the London, Frankfurt and Paris stock market indices grew between 0.2% and 0.8%.
Oil prices have soared on news that OPEC and its partners are considering major production cuts to stem a drop in prices caused by concerns over falling demand for crude oil.
The Dow Jones Industrial Average rose 2.7% to 29,490.89 on Monday, the Standard & Poor’s 500 was up 2.6% to 3,678.43 and the Nasdaq Composite gained 2.3% to 10,815.44 points .
London’s FTSE 100 was up 0.2% to 6,908.76 on Monday, Frankfurt’s DAX 30 was up 0.8% to 12,209.48, and Paris’s CAC 40 was up 0.6% to 5,794, 15 points.
WTI crude oil rose 5.2% to $ 82.63 a barrel in e-commerce on the New York Stock Exchange on Monday. The price of “Brent” crude on the London Stock Exchange rose 4.4% to $ 88.86 a barrel.
The euro rose from $ 0.9802 to $ 0.9822 per euro on Monday, the British pound rose from $ 1.1170 to $ 1.1315 per pound on Monday, and the dollar against the Japanese yen fell from 144.74 at 144.66 yen per dollar. The euro fell against the British pound from 87.75 to 86.74 pence per euro.
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