World shares bounce as bulls fight back after brutal October
European shares rally on positive earnings as the dollar hits a 16-month high, while growth worries persist in the eurozone and China
London — Stock markets bounced higher on Wednesday, bringing some relief after a brutal October in which equities suffered one of their worst drops in a decade and spooked investor confidence. US-China trade tensions, concerns about global growth and higher US interest rates and fears that corporate earnings are peaking have combined to shake financial markets in October, leaving most major markets in negative territory for the year. This has spurred predictions that an almost decade-long bull-market has run its course. Data overnight showing that China’s factory growth slowed to its lowest in two years has reinforced worries about weakening growth stemming from the trade conflict with the US, and followed disappointing eurozone growth data published on Tuesday. Investors rushed into the dollar, sending it to a 16-month high while the offshore Chinese yuan was left to nurse another 22-month low. A batch of positive earnings set a firmer tone for European stocks on Wednesday, althoug...
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