World Stocks Track Wall Street Gains   04/23 04:57

   Global markets were mostly higher Tuesday after U.S. stocks clawed back a 
chunk of their losses from the week before, with roughly 150 companies in the 
S&P 500 set to report earnings this week.

   HONG KONG (AP) -- Global markets were mostly higher Tuesday after U.S. 
stocks clawed back a chunk of their losses from the week before, with roughly 
150 companies in the S&P 500 set to report earnings this week.

   The futures for the S&P 500 and Dow Jones Industrial Average were 0.1% 
higher.

   Oil prices rose as the Israeli military signaled it plans an offensive 
targeting the Gazan city of Rafah. The latest satellite photos analyzed by The 
Associated Press appear to show a new compound of tents being built near Khan 
Younis in the Gaza Strip, in an area targeted by repeated Israeli military 
operations over recent weeks.

   London's FTSE 100 hit a record high early Tuesday as the index surged 0.5% 
to 8,061.61, surpassing its previous peak in February 2023. Germany's DAX was 
0.7% higher at 17,985.96 and the CAC 40 in Paris added 0.2% to 8,057.58.

   In Asian trading, Japan's benchmark Nikkei 225 rose 0.3% to 37,552.16, 
despite the country's manufacturing activity contracting for 11 straight months 
while approaching the break-even point in April.

   A purchasing managers survey showed sentiment at 49.9, on a scale of up to 
100 where 50 marks the break between expansion and contraction. The yen 
weakened further, hitting a fresh 34-year low of 154.85 early Tuesday.

   The Hang Seng in Hong Kong added 1.9% to 16,820.51 while the Shanghai 
Composite index slipped 0.7% to 3,021.98.

   Australia's S&P/ASX 200 climbed 0.5% to 7,683.50. South Korea's Kospi 
dropped 0.2% to 2,623.02.

   On Monday, the S&P 500 gained 0.5%, recovering more than a quarter of last 
week's rout. The Dow Jones Industrial Average added 0.7% and the Nasdaq 
composite jumped 1.1%.

   Tesla dropped 3.4% after announcing price cuts over the weekend. Elon Musk's 
electric vehicle company's stock has dropped more than 40% already this year. 
It was due to release its first quarter earnings later Tuesday.

   About a third of the companies in the S&P 500 are scheduled to say how much 
they made during the year's first three months. That includes companies that 
have come to be known as part of the "Magnificent Seven," beyond Tesla and 
Alphabet.

   Even more pressure than usual is on companies broadly to deliver fatter 
profits and revenue. That's because the other big factor that sets stock 
prices, interest rates, looks unlikely to offer much help in the near term.

   Top officials at the Federal Reserve warned last week that they may need to 
keep interest rates high for a while in order to ensure inflation is heading 
down to their 2% target. That was a big letdown for financial markets, dousing 
hopes that had built after the Fed signaled earlier that three interest-rate 
cuts may come this year.

   Lower rates had appeared to be on the horizon after inflation cooled sharply 
last year. But a string of reports this year showing inflation has remained 
hotter than expected has raised worries about stalled progress.

   In oil trading, U.S. benchmark crude picked up 80 cents to $82.70 per 
barrel. Brent crude, the international standard, gained 79 cents to $87.79 per 
barrel.

   The U.S. dollar slipped to 154.83 Japanese yen from 154.84 yen. The euro 
rose to $1.0677 from $1.0653.