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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