AFP

As Iraq concrete jungle swelters, ancient stone houses stay cool

As the sun beats down on Iraq, most people swelter in their concrete homes — but not the inhabitants of one mountain town known for its ancient and cool stone houses. 

Tracing its roots back 2,700 years, the picturesque Kurdish town of Akre says it is better adapted to the modern-day perils of climate change than other parts of Iraq. 

“Stone houses are far more resistant” to the rising temperatures and also preserve the town’s unique character, said Mayor Baland Reda Zubair.

“Cement radiates heat, raises temperatures and affects the environment,” said Zubair of the building material that is allowed only in outlying neighbourhoods.

Many of Akre’s narrow alleyways can only be navigated by donkeys and wind through a historic city centre bathed in the pale yellow and brown hues of the locally quarried stone. 

Oil-rich Iraq is the world’s fifth-most vulnerable country to the effects of climate change, according to the United Nations. 

The Kurdistan region where Akre lies suffers from heat and water scarcity like the rest of the country.

But while Iraqi authorities have done little to address the challenges, Akre, a city of 100,000 residents about 500 kilometres (311 miles) north of Baghdad, believes sticking with the old ways will help it adapt.

Since 1991, when Kurdistan gained de facto autonomy from Iraq, it has declared concrete off limits for construction and renovation in the old city of Akre.

– No air-con –

An impressive building welcomes those entering the old city. Dating to 1853, it is a remnant of the Ottoman Empire that once ruled the area. 

“It’s an old military barracks,” said Jamil Siddik, a 63-year-old engineer who oversees renovation works in the city.

The limestone used for renovation is sourced from the mountains that surround Akre, he explained. For its residents, “limestone is easy to use. It’s cheap and available,” Siddik said.

It also provides great insulation. “Concrete blocks may only be 20 centimetres (7.9 inches) wide, while the stones are 40 or 60 centimetres wide,” he said.

Bewar Majeed, 37, lives in the old city. By his doorstep, kittens were playing in the sun, as the temperature reached 40 degrees Celsius (104 degrees Fahrenheit). 

But inside the house, the rooms are nice and cool thanks to its limestone walls.

“I don’t need an air conditioner,” he said. “I have a small air cooler, which is enough for me, and it’s less expensive.”

The city’s policy promoting stone over concrete relies on public financing.

For years after 2011, public funds paid for the renovation of 25 old houses and a mosque. In 2014, however, funding was suspended “because of the financial crisis”, said Mayor Zubair.

Now, he added, old city residents may renovate or build with their own money, so long as they avoid concrete, or “eventually cover it with stone”.

– Tourist draw –

On top of the environmental benefits, Akre’s conservation efforts aim to preserve its heritage value and attract tourism. 

According to the regional tourism board, 1.7 million visitors came to Iraqi Kurdistan during the first quarter of 2022, the vast majority of them Iraqis.

The autonomous region has cultivated an image of stability, distancing itself from the violence that has engulfed other parts of Iraq in recent years. 

Still, Kurdistan hasn’t been entirely spared the sounds of battle.

Neighbouring Turkey regularly carries out military operations there in its fight against the rebel Kurdistan Workers’ Party (PKK), which has been designated a “terrorist” group by Turkey and its Western allies.

In July, artillery bombardment several dozen kilometres away from Akre killed nine civilians, most of them Iraqi holidaymakers. Baghdad blamed Ankara, which denies the Iraqi claim.

But Akre’s residents shy away from politics. 

Ali, an ice cream vendor, said tourists who are drawn to the town bring him “joy”.

“We get Iraqis, Germans and French,” he added. “They like our historic city centre.”

Biden tells storm-hit Puerto Rico: 'America's with you'

President Joe Biden toured hurricane-devastated areas of Puerto Rico on Monday, promising the sometimes overlooked US territory that this time, “America’s with you.”

The president and First Lady Jill Biden — who on Wednesday will also visit the devastation caused by Hurricane Ian in Florida where dozens have died — headed to Ponce, on the south coast of Puerto Rico, pounded by Hurricane Fiona last month.

“We came here in person to show we’re with you –- all of America’s with you,” he said in televised remarks. “I am committed to this island.”

Press Secretary Karine Jean-Pierre described Ponce as “the hardest hit area of Puerto Rico” and “an area where people have lost almost everything.”

More than two weeks after Hurricane Fiona passed over, thousands of people on the island, which is American but not a state, remain without power. Officials said at least seven percent of customers are still without electricity and five percent without water.

Biden announced $60 million to strengthen storm defenses, including flood barricades and warning systems — all on top of hundreds of millions of dollars in new budgeting made possible by the huge infrastructure spending bill passed by the Democratic-led Congress last year.

To Puerto Ricans skeptical of the sometimes distant federal government, Biden insisted: “We’re going to make sure you get every single dollar promised.”

Not everyone on the ground was buying the pitch.

“I’ve not been interested in watching the news or following the president’s visit,” said retiree Nixa Sanabria, 66, from Catano in the north. 

“It’s the usual political talk to sell the idea to folks that we’ll be given this or that — and then nothing happens.”

– Trump’s paper towels –

But the visit was part of a message from the Biden administration that the government is taking responsibility, in contrast to Donald Trump, who publicly fought with the island’s leadership and even suggested in 2018 that death tolls from hurricanes were manipulated to make him look “bad.”

Biden’s stop in Puerto Rico came five years to the day that Trump stopped by in the wake of the especially destructive 2017 Hurricane Maria.

In a quickly viral moment, Trump shocked local people by  jovially tossing rolls of paper towels, basketball style, into a crowd of residents whose lives had been turned upside down by flooding and damage.

The mayor of the capital San Juan at the time called Trump’s behavior “abominable.”

Departing for Puerto Rico, Biden told reporters that the island hadn’t “been taken very good care of” in the past. And in Ponce, he insisted things were now different.

“Times like these, our nation comes together, (we) put aside political differences and get to work. We show up,” Biden said.

Deanne Criswell, administrator of the Federal Emergency Management Agency, said that mayors on the island she had spoken to “finally feel like this administration cares for them.”

– Test of leadership –

The annual hurricanes often cut a ruinous path from the Caribbean up over Puerto Rico and Cuba or the Bahamas before hitting the US east or southern coasts.

Florida officials said the latest death count from Hurricane Ian was now at least 68 while another four deaths have been recorded in North Carolina.

The vast majority of those deaths occurred in Lee County on Florida’s west coast, where the storm roared ashore with devastating force and where questions are being raised about whether authorities there ordered evacuations early enough.

In Puerto Rico, 25 deaths have been linked to Hurricane Fiona, according to the island’s public health department, which is still investigating how 12 of the fatalities occurred.

The entire US territory lost power and about one million people were left temporarily without drinking water, when Fiona — then a Category 1 storm — hammered the island in mid-September.

Biden quickly declared a state of emergency, freeing up federal funds and expertise.

Island residents have complained of being ignored by Washington after previous disasters, including the hit from twin hurricanes, Irma and Maria, in 2017.

US authorities — federal, state and local — are often judged by the effectiveness of their response to such disasters.

After Hurricane Katrina devastated New Orleans and the Gulf coast, critics castigated then-president George W. Bush after photos showed him surveying damage while flying high overhead.

Twitter Blue subscribers getting edit feature

Twitter on Monday said a feature to edit tweets is being rolled out to those subscribing to its Blue service in Australia, Canada and New Zealand.

The long-awaited editing tool test “went well,” so it is being made more widely available, the San Francisco based tech firm said in a tweet, adding that it is “coming soon” to the United States.

“Edit Tweet is a feature that lets people make changes to their Tweet after it’s been published,” the company said on its blog. “Think of it as a short period of time to do things like fix typos, add missed tags, and more.”

The tool will let users edit a tweet up to five times within 30 minutes of initially posting, Twitter said.

An icon looking like a slanted pen or pencil will indicate that a tweet has been edited, and a “version history” will be available to show what was changed, Twitter said.

Twitter Blue subscriptions are priced at $5 monthly, according to the company’s website.

Tesla Chief Executive Elon Musk, who is locked in a lawsuit with Twitter over his effort to break his $44 billion deal to buy the global social media site, had backed an edit button shortly before the company said in April it was studying the change.

Users of Twitter Blue — the subscription offering now available in the United States, Canada, Australia and New Zeeland– “receive early access to features and help us test them before they come to Twitter,” the company said.

An aim of the tweak is that “Tweeting will feel more approachable and less stressful,” Twitter said while testing the feature,

Trump sues CNN for defamation, may act against Jan 6 panel

Former US president Donald Trump sued CNN on Monday, accusing the cable television news network of defamation and seeking $475 million in punitive damages.

Trump, in the lawsuit filed in a US District Court in Florida, accused CNN of waging a campaign of “libel and slander” against him because it “fears” he will run for president again in 2024.

“CNN has sought to use its massive influence — purportedly as a ‘trusted’ news source — to defame the plaintiff in the minds of its viewers and readers for the purpose of defeating him politically,” Trump’s lawyers said in the 29-page complaint.

In a follow-up statement laced with outrage, Trump said Monday that “in the coming weeks and months we will also be filing lawsuits against a large number of other Fake News Media Companies for their lies, defamation, and wrongdoing,” notably regarding coverage of the 2020 election.

The 76-year-old Republican also said his team “may bring appropriate action against” the congressional committee currently investigating the January 6, 2021 attack on the US Capitol by his supporters, saying the panel refused to probe “the massive Presidential Election Fraud” which he insists occurred.

Trump, who requested a jury trial, had a caustic relationship with CNN and other major news outlets like The New York Times during his term, branding them “fake news” and repeatedly raging against them on social media.

The former president, who has hinted repeatedly at another White House run, accused CNN in the lawsuit of involvement in a “concerted effort to tilt the political balance to the Left.”

He said CNN has tried to “taint” him with a “series of ever-more scandalous, false, and defamatory labels of ‘racist,’ ‘Russian lackey,’ ‘insurrectionist,’ and ultimately ‘Hitler.'”

In a July statement, Trump had threatened to sue CNN if the network refused to retract allegedly defamatory statements made about him.

The lawsuit contained excerpts from CNN’s response to Trump in which it stood by its reporting and declined to make any retractions.

In Monday’s filing, Trump took particular issue with CNN describing his claims that the 2020 election was “stolen” by Democrat Joe Biden as the “Big Lie.”

“The ‘Big Lie’ is a direct reference to a tactic employed by Adolf Hitler and appearing in Hitler’s Mein Kampf,” the complaint said. “The phrase is not taken lightly and is not bandied about blithely.”

The repeated use of the ‘Big Lie,’ it added, is a “deliberate effort by CNN to propagate to its audience an association between the plaintiff and one of the most repugnant figures in modern history.”

It said the term the “Big Lie” has been used in reference to Trump more than 7,700 times on CNN since January 2021.

Trump said he filed the suit to “vindicate his reputation as a dedicated public servant and to establish CNN’s liability for the harm it has caused to his reputation by the false, defamatory, and inflammatory mischaracterizations of him.”

Far-right Trump backers on trial for Capitol riot 'sedition'

The landmark sedition trial of five members of the far-right Oath Keepers opened Monday with prosecutors telling a jury the group mounted an “armed rebellion” at the US Capitol last year in a bid to keep Donald Trump in power.

Justice Department attorney Jeffrey Nestler said that Stewart Rhodes, the eyepatch-wearing former soldier and Yale law school graduate, knew exactly what he was doing when he led the militia’s followers towards the Capitol on January 6, 2021.

Showing videos of the violent assault by dozens of group members dressed in military-style combat gear, Nestler said Rhodes directed them “like a general on the battlefield” as they sought to prevent 2020 election winner Joe Biden from being certified as the next president.

On January 6 the Oath Keepers “concocted a plan for an armed rebellion… plotting to oppose by force the government of the United States,” Nestler said.

“They did not go to the Capitol to defend or to help. They went to attack,” he said.

– ‘Peacekeeping force’ –

But defense lawyers, arguing in federal court in Washington, said the government had exaggerated its depiction of people who went to Washington to help with public security.

Prosecutors were “cherry-picking” a few inflammatory text messages from thousands and lacked proof of the charges.

Rhodes’s lawyer Phillip Linder said the group went to Washington on January 6 to provide security for Trump’s speech that day and other pro-Trump events.

“The Oath Keepers are basically a peacekeeping force,” Linder said. 

“The real evidence is going to show our clients were there to do security for events that were scheduled for the 5th and 6th” of January 2021, he said.

“This is the biggest bait-and-switch in the history of the American justice system,” said David Fischer, attorney for Thomas Caldwell, one of the other four Oath Keepers charged in the case.

Caldwell was the Oath Keeper responsible for preparing a heavily armed but never-mobilized  “quick reaction force” positioned just outside of Washington on the day of the insurrection. 

But Fischer said Caldwell never entered the Capitol and never attacked anyone. 

“He went down to Washington DC on a date with his wife,” the attorney claimed.

– Rare charge –

The trial was the first in hundreds of cases from the January 6 riot to make use of the rare charge of seditious conspiracy.

Carrying a potential 20-year prison sentence, it is a gamble for the Justice Department, which wants to underscore the seriousness of the event, in which Trump supporters sought to prevent Congress from certifying Biden as the victor in the November 2020 presidential election.

Out of 870 people charged so far, the government has reserved sedition for just a few dozen of the attackers, mostly members of self-styled militia groups like the Oath Keepers and Proud Boys who allegedly planned and coordinated the assault.

Three other Oath Keeper leaders are standing trial with Rhodes: Kelly Meggs, Jessica Watkins, and Kenneth Harrelson. Another four will undergo a separate trial.

Prosecutors sought to show that Rhodes, working with the others, began to plot a fight in Washington from the day after Biden defeated Trump.

“We must refuse to accept Biden,” Rhodes told his followers just after the election, talking in a later message of starting a “civil war.”

– Get me Roger Stone? –

On the opening day prosecutors presented footage of the Oath Keepers storming the Capitol on January 6, dressed in combat gear and coordinating in a classic military “stack” formation to push through the crowd to the doors of the building.

The trial’s first witness, FBI agent Michael Palian, who was involved in investigating the Oath Keepers, discussed a series of text messages involving the defendants that showed them as readily talking about taking action to block a Biden presidency — alleged evidence of a conspiracy.

The first day of the hearing mostly steered clear of questions of whether  Trump had any role in fomenting the January 6 violence.

The former president is already under investigation in Congress and the Justice Department over his possible links to the violence.

But Palian told the court that some of Rhodes’s text messages in the weeks after the election to a “Friends of Stone” chat group that included Trump political advisor Roger Stone.

“What’s the plan? We need to roll,” Rhodes texted.

No evidence was presented that Stone read or replied to the text.

Apple to release Will Smith film this year despite Oscars slap

Less than a year after Will Smith shocked millions around the world by slapping Chris Rock at the Oscars, his new film “Emancipation” will be released this December, Apple said Monday.

The slavery drama was broadly assumed to have been delayed in the wake of Smith’s assault on comedian Rock, which drew widespread condemnation and resulted in Smith being banned from attending the Academy Awards ceremony for 10 years.

But Apple made the surprise announcement that the tainted star’s latest movie will hit theaters December 2, and begin streaming on Apple TV+ a week later.

The timing means Apple will be able to submit “Emancipation” to compete at the Oscars next March, just a year after it made history as the first streamer to win the Oscar for best picture with “CODA.”

Smith has kept a relatively low profile since that night at the Academy Awards, when he won best actor for his performance in “King Richard” just minutes after he had marched on stage and hit Rock for making a joke about his wife.

The former “Fresh Prince of Bel-Air” star made a public apology shortly after the incident, and released an emotional social media video about the moment in July, offering to meet with Rock “whenever you’re ready to talk.”

The 54-year-old also resigned his membership with the Academy of Motion Picture Arts and Sciences — although the organization did not revoke his best actor award, and his decade-long ban from attending the ceremony does not prevent him being nominated for Oscars.

Smith this weekend attended an advance screening of “Emancipation” hosted with the National Association for the Advancement of Colored People (NAACP) in the US capital Washington.

The movie stars Smith as a fugitive from slavery on a harrowing journey north from Louisiana seeking freedom.

His character Peter is inspired by the infamous photograph of a slave whose back was mutilated by lashes received on a plantation, and who was dubbed “Whipped Peter.” 

The film is directed by Antoine Fuqua, whose 2001 police drama “Training Day” earned a best actor Oscar for Denzel Washington. 

“Emancipation” was originally due to be filmed in Georgia, but production was moved last year after the southern US state approved a voting rights law that critics say is intended to depress turnout in Black and other underrepresented communities.

Hurricane Orlene hits Mexico's Pacific coast before weakening

Hurricane Orlene brought strong winds and heavy rains to Mexico’s northwestern Pacific coast on Monday but rapidly weakened as it moved inland, forecasters said.

Orlene came ashore as a Category One hurricane — the lowest on a scale of five — packing maximum sustained winds of 85 miles (140 kilometers) per hour, the US National Hurricane Center (NHC) said.

It quickly lost its hurricane strength as it churned over land and was downgraded to a tropical depression hours later, but still posed a risk of flash flooding and landslides, the NHC said.

Boats had been brought ashore in the beachside city of Mazatlan in Sinaloa state ahead of Orlene’s arrival.

Businesses boarded up windows and laid down sandbags in case of flooding.

Orlene had strengthened to a powerful Category 4 hurricane on Sunday in the Pacific, prompting warnings for inhabitants of at-risk areas to take refuge in temporary shelters, but lost strength as it approached the coast.

Maximum sustained winds dropped to near 35 miles (55 kilometers) per hour, and Orlene was expected to dissipate by Monday night, according to the NHC.

Tropical cyclones hit Mexico every year on both its Pacific and Atlantic coasts, usually between May and November.

In October 1997, Hurricane Paulina hit Mexico’s Pacific coast as a Category 4 storm, leaving more than 200 dead.

US auto sales remain slow in third quarter

Automakers saw lackluster US sales in the third quarter, as manufacturers continued to grapple with supply constraints, according to reports from the companies Monday.

The auto sector has been battling a shortage of components with supply problems that initially affected mainly semiconductors later spreading to other parts.

Japan’s Toyota suffered a seven percent drop in sales in the latest three months, to more than 526,000 units, while FCA — part of the Stellantis group which includes the Fiat and Chrysler brands — saw its sales drop by six percent compared to the same period of 2021.

Jeff Kommor, FCA’s US head of sales, said “we continue to deal with challenging industry supply constraints.”

US automaker Ford, which is expected to announce its sales figures on Tuesday, had previously warned that the company would likely end the quarter with up to 45,000 vehicles stockpiled due to the lack of parts amid the persistent problems in its supply chains.

But the situation appears to be improving at General Motors, which bucked the trend to sell over 555,000 vehicles, marking a 24 percent jump compared to a year earlier.

GM retained its spot as top seller in the US market, and said “improved semiconductor supplies, stable production and improvements in dealer inventory” helped it to regain market share.

Hyundai reported a three percent rise in sales, but other brands such as Honda and Nissan suffered large declines.

Electric car maker Tesla, which does not detail its US sales, said on Sunday that it delivered 343,830 vehicles worldwide between July and September.

While this was at the low end of analyst expectations, it marked an increase of over 42 percent increase.

The outlook for the auto sector has become more uncertain with the economic slowdown and inflation weighing on consumers.

Cox Automotive lowered its forecast for full-year auto sales in the US to 13.7 million last week.

But “recent changes in the economic outlook from rising interest rates is beginning to chip away at demand, and the waiting line for new vehicles is likely getting much shorter,” said Cox economist Charlie Chesbrough.

Oil jumps but dollar bruised on US data

Oil prices jumped Monday on expectations of an OPEC output cut, while weak US data sent stocks higher amid rising hopes central banks may be able to ease off interest rate hikes.

Investors have been on edge over worries that rising interest rates, aimed at fighting sky-high inflation, could spark recessions, while the United Nations has called on central banks to slow down or risk pushing the world into grim prolonged stagnation.

A key manufacturing survey showing price pressures receding and demand slowing, helped buoy market sentiment amid hopes the Federal Reserve might soon pull back on its aggressive interest rate hikes.

The Institute for Supply Management said its manufacturing index dropped 1.9 points to 50.9 percent, just barely above the 50-percent threshold indicating expansion, as the prices index fell to the lowest in more than two years.

Fed officials have said the central bank will continue raising interest rates until inflation begins to drop, even if that means the US economy enters recession.

New York Fed President John Williams reiterated that message on Monday, saying that despite signs of easing demand and supply issues, inflation has become “broad-based … which will take longer to bring down.”

Still, investors are hoping interest rates may be close to a peak and the benchmark Dow jumped 2.7 percent, a good start to the new quarter after Wall Street’s worst month in 20 years.

Adam Sarhan of 50 Park Investments said “the market was extremely oversold,” which led some investors to come back looking for cheap shares.

“That happens during bear markets, the biggest up moves in history happened during bear markets,” he told AFP.

European stock indices moved higher following the US data, with Frankfurt’s DAX index ending the day 0.8 percent higher, the Paris CAC climbing 0.6 percent and London’s FTSE 100 adding 0.2 percent.

– Oil spikes before OPEC –

Oil prices leapt on reports that OPEC and its allies are considering a major output cut to stem a price plunge caused by demand worries.

But that stoked concerns about soaring inflation, which has been fueled this year by sky-high energy prices after key producer Russia’s invasion of Ukraine.

“Any cut will no doubt frustrate consuming countries that are on the verge of recession after spending a year dealing with soaring energy costs on the back of the post-pandemic recovery and war in Ukraine,” said OANDA analyst Craig Erlam.

Officials from the 13 members of the Organization of the Petroleum Exporting Countries (OPEC), led by Riyadh, and their 10 partners, led by Moscow, are due to meet physically on Wednesday for the first time since March 2020.

– Sterling gains on U-turn –

The British pound bounded above $1.13 following the latest US data, and after the UK government scrapped plans to axe its top income tax rate which helped send sterling spiraling to a record dollar low of $1.0350 a week ago.

Shares in Credit Suisse plunged to a new low in Zurich on Monday as the scandal-plagued lender sought to ease concerns about its financial health.

Its stock tumbled 11.6 percent to 3.58 Swiss francs ($3.61) before clawing back most of the ground, ending the day with a drop of 0.9 percent at 3.94 francs.

The Financial Times reported that senior executives sought over the weekend to reassure big clients and investors about the bank’s liquidity and capital position due to concerns raised about its financial strength.

Asian equities mainly fell Monday, with Hong Kong tumbling to its lowest point in more than a decade as fears for China’s economy deepens this year’s investor rout.

– Key figures around 2030 GMT –

New York – Dow: UP 2.7 percent at 29,490.89 (close)

New York – S&P 500: UP 2.6 percent at 3,678.43 (close)

New York – Nasdaq: UP 2.3 percent at 10,815.44 (close)

EURO STOXX 50: UP 0.7 percent at 3,342.17 (close)

London – FTSE 100: UP 0.2 percent at 6,908.76 (close) 

Frankfurt – DAX: UP 0.8 percent at 12,209.48 (close)

Paris – CAC 40: UP 0.6 percent at 5,794.15 (close)

Tokyo – Nikkei 225: UP 1.1 percent at 26,215.79 (close)

Hong Kong – Hang Seng Index: DOWN 0.8 percent at 17,079.51 (close)

Shanghai – Composite: Closed for a holiday

Pound/dollar: UP at $1.1315 from $1.1170 on Friday

Euro/dollar: UP at $0.9822 from $0.9802

Euro/pound: DOWN at 86.74 pence from 87.75 pence

Dollar/yen: DOWN at 144.66 yen from 144.74 yen

Brent North Sea crude: UP 4.4 percent at $88.86 per barrel

West Texas Intermediate: UP 5.2 percent at $82.63 per barrel

burs-rl/cdw/hs/des

Oil jumps but dollar bruised on US data

Oil prices jumped Monday on expectations of an OPEC output cut, while weak US data sent stocks higher amid rising hopes central banks may be able to ease off interest rate hikes.

Investors have been on edge over worries that rising interest rates, aimed at fighting sky-high inflation, could spark recessions, while the United Nations has called on central banks to slow down or risk pushing the world into grim prolonged stagnation.

A key manufacturing survey showing price pressures receding and demand slowing, helped buoy market sentiment amid hopes the Federal Reserve might soon pull back on its aggressive interest rate hikes.

The Institute for Supply Management said its manufacturing index dropped 1.9 points to 50.9 percent, just barely above the 50-percent threshold indicating expansion, as the prices index fell to the lowest in more than two years.

Fed officials have said the central bank will continue raising interest rates until inflation begins to drop, even if that means the US economy enters recession.

New York Fed President John Williams reiterated that message on Monday, saying that despite signs of easing demand and supply issues, inflation has become “broad-based … which will take longer to bring down.”

Still, investors are hoping interest rates may be close to a peak and the benchmark Dow jumped 2.7 percent, a good start to the new quarter after Wall Street’s worst month in 20 years.

Adam Sarhan of 50 Park Investments said “the market was extremely oversold,” which led some investors to come back looking for cheap shares.

“That happens during bear markets, the biggest up moves in history happened during bear markets,” he told AFP.

European stock indices moved higher following the US data, with Frankfurt’s DAX index ending the day 0.8 percent higher, the Paris CAC climbing 0.6 percent and London’s FTSE 100 adding 0.2 percent.

– Oil spikes before OPEC –

Oil prices leapt on reports that OPEC and its allies are considering a major output cut to stem a price plunge caused by demand worries.

But that stoked concerns about soaring inflation, which has been fueled this year by sky-high energy prices after key producer Russia’s invasion of Ukraine.

“Any cut will no doubt frustrate consuming countries that are on the verge of recession after spending a year dealing with soaring energy costs on the back of the post-pandemic recovery and war in Ukraine,” said OANDA analyst Craig Erlam.

Officials from the 13 members of the Organization of the Petroleum Exporting Countries (OPEC), led by Riyadh, and their 10 partners, led by Moscow, are due to meet physically on Wednesday for the first time since March 2020.

– Sterling gains on U-turn –

The British pound bounded above $1.13 following the latest US data, and after the UK government scrapped plans to axe its top income tax rate which helped send sterling spiraling to a record dollar low of $1.0350 a week ago.

Shares in Credit Suisse plunged to a new low in Zurich on Monday as the scandal-plagued lender sought to ease concerns about its financial health.

Its stock tumbled 11.6 percent to 3.58 Swiss francs ($3.61) before clawing back most of the ground, ending the day with a drop of 0.9 percent at 3.94 francs.

The Financial Times reported that senior executives sought over the weekend to reassure big clients and investors about the bank’s liquidity and capital position due to concerns raised about its financial strength.

Asian equities mainly fell Monday, with Hong Kong tumbling to its lowest point in more than a decade as fears for China’s economy deepens this year’s investor rout.

– Key figures around 2030 GMT –

New York – Dow: UP 2.7 percent at 29,490.89 (close)

New York – S&P 500: UP 2.6 percent at 3,678.43 (close)

New York – Nasdaq: UP 2.3 percent at 10,815.44 (close)

EURO STOXX 50: UP 0.7 percent at 3,342.17 (close)

London – FTSE 100: UP 0.2 percent at 6,908.76 (close) 

Frankfurt – DAX: UP 0.8 percent at 12,209.48 (close)

Paris – CAC 40: UP 0.6 percent at 5,794.15 (close)

Tokyo – Nikkei 225: UP 1.1 percent at 26,215.79 (close)

Hong Kong – Hang Seng Index: DOWN 0.8 percent at 17,079.51 (close)

Shanghai – Composite: Closed for a holiday

Pound/dollar: UP at $1.1315 from $1.1170 on Friday

Euro/dollar: UP at $0.9822 from $0.9802

Euro/pound: DOWN at 86.74 pence from 87.75 pence

Dollar/yen: DOWN at 144.66 yen from 144.74 yen

Brent North Sea crude: UP 4.4 percent at $88.86 per barrel

West Texas Intermediate: UP 5.2 percent at $82.63 per barrel

burs-rl/cdw/hs/des

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