Global Stocks Higher After Strong US Hiring, OPEC Oil Cuts

BEIJING (AP) -- Global stock markets advanced Thursday after strong U.S. hiring dampened hopes the Federal Reserve might ease off plans for interest rate hikes and the OPEC group of oil exporters agreed to output cuts to shore up prices.

London, Frankfurt and Tokyo gained. Hong Kong declined. Mainland Chinese markets were closed for a holiday.

Oil prices rose. The euro edged higher but stayed below $1.

Wall Street futures edged lower after U.S. stocks fell Wednesday following a report by payroll processor ADP that employers added 208,000 jobs in September. That showed parts of the economy are still strong, giving ammunition to Fed officials who say more rate hikes are needed to cool inflation that is at a four-decade high.

"The economy is too strong for the Fed to pivot. The strong start to October is over," said Edward Moya of Oanda in a report.

In early trading, London's FTSE 100 was up less than 0.1% at 7,059.11. The DAX in Frankfurt gained 0.7% to 12,610.37 and the CAC 40 in Paris added 0.4% to 6,006.97.

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On Wall Street, the future for the benchmark S&P 500 index was down 0.2%. That for the Dow Jones Industrial Average lost 0.1%.

In Asia, Tokyo's Nikkei 225 rose 0.7% to 27,311.30 while the Hang Seng in Hong Kong lost 0.4% to 18,012.15.

The Kospi in Seoul surged 1% to 2,237.86 while Sydney's S&P ASX 200 loss less than 0.1% to 6,817.50.

New Zealand declined while Southeast Asian markets gained.

On Wednesday, the S&P 500 lost 0.2%. The benchmark was coming off its strongest two-day rally in 2 1/2 years.

The Dow slipped 0.1% and the Nasdaq composite slid 0.2%.

Investors hope data that show the economy weakening will persuade the Fed and central banks in Europe and Asia to ease off rate hikes. They worry aggressive action to cool inflation might tip the global economy into recession, but forecasters say hopes central bankers will relent might be premature.

Wall Street is waiting for corporate results that will show how inflation is affecting businesses and consumers' willingness to spend.

Fed officials say they are determined to keep raising interest rates and hold them at an elevated level until it is clear inflation has subsided.

Traders get another update on U.S. employment when the government releases its official jobs count on Friday.

In energy markets, benchmark U.S. crude rose 74 cents to $88.50 per barrel in electronic trading on the New York Mercantile Exchange.

It gained $1.24 on Wednesday to $87.76 per barrel after energy ministers from Saudi Arabia and other members of the Organization of Petroleum Exporting Countries agreed to production cuts to shore up sagging prices.

Oil surged to above $110 per barrel following Russia's February attack on Ukraine but has fallen back. The decision to support prices might help Moscow maintain its income once Europe's decision to cut purchases of Russian crude as punishment for the war on Ukraine takes effect in December.

White House press secretary Karine Jean-Pierre accused OPEC of "aligning with Russia."

Brent crude, the price basis for international oil trading, added 88 cents per barrel to $94.25 in London. It advanced $1.57 the previous session to $93.37.

The dollar rose to 144.63 yen from Wednesday's 144.49 yen. The euro gained to 98.96 cents from 98.94 cents.

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