European stock markets posted strong gains and Wall Street had its best day in three weeks

The New York Stock Exchange (REUTERS / Brendan McDermid) (BRENDAN MCDERMID /)

Stock markets mostly advanced Tuesdaywhile the euro rose against the dollar while the operators waited for a key meeting of the European Central Bank At the end of the week.

Wall Street rose on Tuesday to reach her best day in three weeksas spring earnings reports continue to roll in.

The S&P 500 rose 2.8% after a powerful tidal wave swept 99% of index stocks higher. The dow jones added 2.4% and the nasdaq rose 3.1 percent. Small company values ​​rose even more, making the index Russell 2000 rose 3.5 percent.

Stocks are down a twenty% so far this year due to fears over the inflation and the increases in interest rateswhich sheds more light on how much money companies are making. If the gains hold, they could give the market a big boost. But if CEOs warn of trouble ahead, markets could fall again.

The performance of US treasury bonds two years later it rose from 3.17% to 3.20%. The 10-year rose from 2.96% to 3.00%.

The price of Petroleum US crude rose 0.5% to $99.95 a barrel. The Brent blend, used as the international standard, advanced 0.1% to settle at 106.36 dollars a barrel.

The Frankfurt Stock Exchange (REUTERS)
The Frankfurt Stock Exchange (REUTERS) (STAFF/)

European stocks closed higher with the DAX from Frankfurt climbing a 2.7 percent in the hope that Russia will resume pipeline gas deliveries later this week.

“The nature of today’s earnings was initially cautious and incremental in nature. We got additional traction in the afternoon session with reports from Moscow indicating that Gas flows from the Nord Stream 1 pipeline would resume as scheduled on Thursday, albeit at a lower capacity.said market analyst Michael Hewson of CMC Markets.

Russia halted gas deliveries to Germany via Nord Stream 1 pipelineapparently due to technical problems, but there have been widespread concerns that Moscow will not restart deliveries on Thursday as planned in retaliation for European sanctions on Ukraine.

Deliveries through the pipeline are critical for Europe to fill its reserves at a level sufficient to pass the winter without interruptions in supply.

FILE PHOTO: Pipelines at the Nord Stream 1 pipeline landing facility in Lubmin, Germany (REUTERS/Hannibal Hanschke)
FILE PHOTO: Pipelines at the Nord Stream 1 pipeline landing facility in Lubmin, Germany (REUTERS/Hannibal Hanschke)

Markets have been worried that Russia, by turning off the taps, will push European economies into recession.particularly to Germanywhere several important industrial sectors are highly dependent on gas imports.

Asian stock indices closed mixed after an overnight selloff on Wall Street fueled by fresh recession concerns in a report from Bloomberg that the iPhone manufacturer Apple plans to reduce hiring and spending.

In the meantime, the euro rose about one percent against the dollarsince the operators reflected on whether the European Central Bank could raise interest rates more than expected to combat runaway inflation.

FILE PHOTO: The euro sign in a light projection on the headquarters of the European Central Bank in Frankfurt, Germany (REUTERS/Wolfgang Rattay)
FILE PHOTO: The euro symbol in a light projection on the headquarters of the European Central Bank in Frankfurt, Germany (REUTERS / Wolfgang Rattay) (WOLFGANG RATTAY /)

The ECB has signaled it would raise eurozone interest rates on Thursday for the first time in more than a decade, but it is under pressure to do more to tackle spiraling prices.

Intends to increase borrowing costs by a quarter pointthe first such move since 2011.

“In all likelihood, the ECB will raise interest rates by 25 basis points this week and follow up with a 50 basis point move in September.”, said Matthew Ryan, head of market strategy at financial firm Ebury.

“Having said that, we do not rule out a 50 basis point rate hike at this week’s meeting.

“We have already seen most major central banks raise interest rates in recent weeks in an attempt to rein in runaway price growth,” Ryan added.

The Federal Reserve’s aggressive rate tightening this year has caused the dollar soared against most other currencies in recent weeks.

In the past week, the euro fell below parity with the dollar for the first time in almost 20 yearsalso due to growing fears of a recession in the eurozone as high inflation hampers growth.

On Tuesday, the dollar briefly hit a record high above 80 rupeeswith the Indian unit hit by massive capital outflows as the economy struggles.

Although some predict that inflation may have peakedthe prices of Petroleumthe main driver of rising costs, remain high.

But the two major contracts fell on Tuesday after soaring more than five percent on Monday due to expectations that Saudi Arabia would not turn on the taps anymore, with a request from US President Joe Biden appearing to have gone unheeded.

(With information from AFP)

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Russia will resume sending gas to Europe through Nord Stream 1, but at a lower capacity