Kitco News collects and features the top financial, economic and geopolitical news from around the world. Kitco's aggregated sources include some of the top newswires in the world including the Association Press, Canadian Press, Japanese Economic Newswire, and United Press International.
LONDON, Aug 29 - World stocks rallied on Monday, with sentiment supported by China's efforts to shore up its battered markets and lift confidence towards the world's No.2 economy.Europe's broad STOXX 600 index hit a two-week high , a day after posting its biggest one-day jump in about a month on China hopes. London's blue-chip FTSE rallied 1.5%, playing catch-up after Monday's UK public holiday.
Beijing at the weekend introduced a slew of measures to shore up the market, such as halving stock trading stamp duty, loosening margin loan rules and putting the brakes on new listings. "September will reveal the true underlying sentiment in markets," said Nordea chief markets strategist Jan von Gerich.
Speaking at last week's Federal Reserve annual symposium at Jackson Hole, Fed chief Jerome Powell said the U.S. central bank may need to raise rates further to ensure inflation is contained.
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