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Global markets: US and European equities recover as inflation data allay fears of a banking crisis


Stocks in the US and Europe rallied on Tuesday after declining inflation data in the US as it offset banking crisis fears.

Annual inflation fell to 6.0% in February, US consumer price data showed on Tuesday.

All three major US indices rose. The S&P 500 rose 1.7%. The Dow Jones Industrial Average rose 1.1%. The Nasdaq composite gained 2.1%.

About $465 billion had been wiped from the market value of global financial stocks in just three days, Bloomberg News report said.

European stocks

European equities rose on Tuesday on a recovery in banking stocks.

The European STOXX 600 index rose 1.5%.

Asian stocks

Asian stocks fell on Tuesday on concerns about the US banking crisis.

The Hang Seng in Hong Kong fell 2.3%. The Shanghai Composite fell 0.0.7%.

Japan’s Nikkei 225 fell 2.2%.

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Joanna Swanson

Joanna Swanson is Europe correspondent at the Thomson Reuters Foundation based in Brussels covering politics, culture, business, climate change, society, economies and inclusive tech. With specific focus in breaking news, she has covered some of the world's most significant stories.