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| - Global stocks shrugged off Wednesday a larger-than-expectedcontraction in the US economy as investors looked forward to easing coronavirus lockdowns. The Dow shot 1.8 percent higher at the open of trading with shares in Boeing and Google parent Alphabet rising after earnings reports. Gains in European shares also accelerated despite the 4.8 percent contraction in US first quarter GDP and Germany warning it faces its "worst recession in history". The worse-than-expected US GDP was the biggest decline in 12 years as the pandemic forced businesses to close, halting purchases and investment, the Commerce Department reported. But with many countries now plotting how to exit lockdowns, investors have begun to look at snapping up stocks that are now much cheaper as companies can begin to resume operations. Shares in Google parent Alphabet jumped around 8 percent after the company released late Tuesday results showing higher revenue and profits despite a coronavirus-induced slowdown in its core digital advertising operations in March. Meanwhile Boeing shares climbed 5.4 percent after reporting a first-quarter loss of $641 million, as the company moved to confront the crisis by announcing it will shed 10 percent of its workforce and slash production. The oil market also rebounded on bargain-buying, though few traders anticipate a sustained recovery with storage facilities close to bursting and demand all but wiped out by the virus shutting businesses and grounding planes. "These markets have a mind of their own," OANDA analyst Craig Erlam told AFP, noting the busy week that also sees a raft of big company reporting earnings and an interest rate call from the European Central Bank. The main US oil contract, WTI for June, was up more than 25 percent in afternoon trading. "All investors see is bargains at the moment. It's nice to see some optimism in these otherwise grim times but there seems to be complete disregard for the actual facts and figures," said Erlam. "That said, we live in a world of unprecedented central bank stimulus, the money has to go somewhere I guess. Still, it seems to be built on very shaky foundations, which is a concern." Equities have broadly moved into a bull market, having bounced more than 20 percent from their March lows, thanks to multi-trillion-dollar stimulus from governments and pledges of extra support from central banks. The US Federal Reserve will end later Wednesday its latest policy meeting, with traders looking to see if it has any more words of comfort for markets after pledging financial backstops to banks, businesses and local and state governments. The US central bank, like many global counterparts, has also embarked on a massive bond-buying scheme aimed at kick-starting lending and economic output. Asian bourses meanwhile shrugged off more data showing the gaping hole being blown in the global economy. Asian equities were buoyed by a further easing of COVID-19 lockdown measures in certain nations, although gains remain capped by concern that the reopenings could spark a second wave of infections. London - FTSE 100: UP 2.2 percent at 6,089.26 points Frankfurt - DAX 30: UP 2.0 percent at 11,007.91 Paris - CAC 40: UP 1.6 percent at 4,642.77 Milan - FTSE MIB: UP 1.5 percent at 17,939.79 Madrid - IBEX 35: UP 2.3 percent at 6,994.30 EURO STOXX 50: UP 1.5 percent at 2,974.51 New York - Dow: UP 1.7 percent at 24,514.99 Hong Kong - Hang Seng: UP 0.3 percent at 24,643.59 (close) Shanghai - Composite: UP 0.4 percent at 2,822.44 (close) Tokyo - Nikkei 225: Closed for a holiday Brent North Sea crude: UP 11.6 percent at $22.83 per barrel West Texas Intermediate: UP 25.6 percent at $15.50 per barrel Euro/dollar: UP at $1.0864 from $1.0820 at 2100 GMT Dollar/yen: DOWN at 106.65 yen from 106.87 Pound/dollar: UP at $1.2436 from $1.2426 Euro/pound: UP at 87.35 pence from 87.07 pence burs-rl/cdw
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