Global stocks, oil up after losses

On Friday, global stock markets and oil prices went up after recent losses as the weaker outlook moderates expectations about central bank monetary tightening.

Market watchers said that the push of equity markets into bear market territory may have been an overreach after a spate of data pointed to an economic slowdown, as well as a spate of data pointing out that central banks may need to deal with less punishing interest rate hikes.

The broad-based S&P 500 increased by 3.1 percent to 3,911, the S&P 500 added 3.1 percent. At the end of Friday's session, 74 was up nearly 6.5 percent for the week in one of the best seven-day stretches in an otherwise downcast 2022, up almost 6.5 percent for the week.

London's stock rallied 2.7 percent earlier in the day, as investors brushed aside reports of bruising defeats for Britain's ruling Conservatives in by-elections on Thursday.

The pound fell against the dollar despite data showing a drop in UK retail sales volumes as inflation soars.

Paris rose 3.2 percent in eurozone trade, while Frankfurt rose 1.6 percent with gains tempered by news of the worsening German business climate.

Stock markets are taking a breather after being beat up. Craig Erlam, the OANDA trading platform analyst, told AFP that recession fears took their toll.

He warned that the stock markets are vulnerable to another onslaught if the news doesn't improve. The recovery comes after markets have been thrown into turmoil for months due to the soaring inflation, interest-rate hikes, the Ukraine war and China lock-downs.

US equity markets fell into bear market territory - a drop of more than 20 percent from recent highs - as the US Federal Reserve began to aggressively raise interest rates.

Federal Reserve boss Jerome Powell told lawmakers that a recession is certainly a possibility. Sentiment in Asia has been boosted by comments from Chinese President Xi Jinping suggesting an end to China's tech crackdown and possible new measures aimed at lifting the economy.

Hong Kong shares were among the biggest winners Friday thanks to the rally in tech giants such as Alibaba, Tencent and NetEase.

In the face of a possible recession, analysts point out falling commodity prices as a primary driver of inflation, reducing the need for sharp interest rate hikes as one possible explanation for the renewed bullish sentiment on equity markets.

New York - Dow was up 2.7 percent at 31,500. 68 close New York -- S&P 500: UP 3.1 percent at 3,911. 74 close New York -- Nasdaq: UP 3.3 percent at 11,607. 62 close to the euro dollar are up at $1.0559 from $1.0523 late Thursday.

The euro pound went up to 85.95 pence from 85.83 pence.

Brent crude in the North Sea was UP 2.8 percent at $113.12 per barrel.

West Texas Intermediate: UP 3.2 percent at $107.62 per barrel.