Asian stocks had mostly stabilised overnight after they, like most global share markets, had experience steep losses on Monday
US Federal Reserve chair Jerome Powell. File photo: GRAEME JENNINGS/REUTERS
Europe started more mixed though with the euro and pound both fractionally lower and only London's FTSE making any real headway out of the main share indices as BP became the latest oil giant to post bumper profits. “It’s still all about the central banks, you are still trying to understand their reaction function,” said Sahil Mahtani, a multi-asset strategist at investment firm Ninety One, pointing to whether borrowing costs keep going up.
Among the main commodities, oil jumped for a second straight session driven by optimism about recovering demand in China, and after Monday’s devastating earthquake in Turkey had shut down one of the region’s major oil export terminals.
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