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| - Stock markets mostly rose Tuesday though gains were capped by concerns over possible surging inflation that could harm a global economic recovery from the Covid pandemic. The dollar slid against its main rivals following recent strong gains. A rally in equities across the world over the past year appears to have run out of steam in recent weeks, despite the prospect of a sharp rebound in growth as coronavirus vaccines are rolled out, infections slow, lockdowns are eased and the United States prepares to pass another massive stimulus programme. More modest gains are still resulting in record-highs for indices, however. "The Dax has surged to a fresh all-time high -- its second in two days -- as risk sentiment is being buoyed by optimism surrounding the global economic recovery," said market analyst Sophie Griffiths at currency trading platform Oanda. The Organisation for Economic Co-operation on Tuesday sharply raised its 2021 global growth forecast as the deployment of vaccines and a huge US stimulus programme have greatly improved economic prospects. The world recovery will be carried largely by the United States, thanks to President Joe Biden's $1.9 trillion stimulus programme, Laurence Boone, chief economist of the OECD, told AFP. Concerning inflation, the organisation said underlying price pressures generally remain mild and are being held in check by ample spare capacity around the world. Next week's US Federal Reserve policy meeting will be pored over for signs of change in its outlook for interest rates and its huge bond-buying scheme, with Biden's stimulus likely to have been signed by then. A rise in benchmark US Treasury yields in recent weeks has been fuelled by investors moving out of the haven assets, betting that a rise in inflation will eat into their returns. That has sparked fears the US central bank will be forced to hike borrowing costs sooner than it initially thought, removing a key pillar of the equity markets surge. "A key question for the March... meeting is how participants will revise their economic and interest rate projections to reflect further fiscal stimulus," said Axi strategist Stephen Innes. "With so much riding on the Fed at the moment, you can't help but think the market has started to zero in on next week's (meeting), which comes at a fragile time for risk sentiment and inflation forecasting." Before then, the European Central Bank holds a policy meeting on Thursday when it is expected to stress its commitment to keeping borrowing costs low as inflation concerns weigh on the eurozone economy. Fears of higher rates has in particular hit US tech stocks hard, with the Nasdaq Composite having entered correction territory by falling more than 10 percent from the record high it set last month. However the Nasdaq rebounded sharply at the opening of trading on Tuesday, jumping 2.5 percent. London - FTSE 100: UP less than 0.1 percent at 6,722.24 points Frankfurt - DAX 30: UP 0.4 percent at 14,441.07 Paris - CAC 40: UP 0.3 percent at 5,923.05 EURO STOXX 50: UP 0.5 percent at 3,780.75 New York - Dow: UP 0.5 percent at 31,967.14 Tokyo - Nikkei 225: UP 1.0 percent at 29,027.94 (close) Hong Kong - Hang Seng: UP 0.8 percent at 28,773.23 (close) Shanghai - Composite: DOWN 1.8 percent at 3,359.29 (close) Euro/dollar: UP at $1.1903 from $1.1848 at 2240 GMT Pound/dollar: UP at $1.3914 from $1.3819 Euro/pound: DOWN at 85.55 pence from 85.68 pence Dollar/yen: DOWN at 108.64 yen from 108.88 yen Brent North Sea crude: DOWN 0.2 percent at $68.08 per barrel West Texas Intermediate: DOWN 0.6 percent at $64.66 per barrel burs-bcp/rl/wai
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