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GLOBAL MARKET - NEW YORK, Feb 6 (Reuters) - Global stock indexes edged up on Tuesday while U.S. Treasury yields eased as investors looked for more clues on how soon the Federal Reserve may start cutting interest rates.
Overnight, Beijing ramped up efforts to put a floor under its stock market, boosting Chinese blue-chip stocks more than 3%.In New York trading, the iShares China large-cap exchange-traded fund FXI.P rallied as well as the Golden Dragon China index .HXC.
The U.S. dollar weakened slightly but stayed close to its highest level in nearly three months in the wake of recent strong economic data and the Fed's recent hawkish stance on rates.
Traders have pushed back expectations of the Fed's first rate cut to May, after previously pricing in a likely rate reduction in March.
"Now traders are wondering if instead of whether we'll get a soft landing or recession, whether we could have no landing or re-acceleration this year," said Matthew Weller, global head of research at FOREX.com.
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Investors on Wall Street also digested quarterly results and forecasts from U.S. companies. Eli Lilly LLY.N forecast 2024 profit above estimates.
The Dow Jones Industrial Average .DJI rose 141.24 points, or 0.37%, to 38,521.36, the S&P 500 .SPX gained 11.42 points, or 0.23%, to 4,954.23 and the Nasdaq Composite .IXIC gained 11.32 points, or 0.07%, to 15,609.00.
The MSCI world equity index .MIWD00000PUS, which tracks shares in 49 nations, gained 0.51%.
Benchmark 10-year notes US10YT=RR fell to 4.09%, after reaching an 11-day high of 4.177% on Monday.
The dollar index =USD, which tracks the greenback against a basket of currencies of other major trading partners, was down 0.3% at 104.17.
A slew of announcements from China's securities regulator, a reported upcoming meeting between President Xi Jinping and financial regulators highlighted the urgency with which Chinese authorities are trying to stem heavy losses in its stock market. State fund Central Huijin Investment also said it has expanded its scope of investment in exchange-trade funds.
Read Also: Stocks Near Flat, Treasury Yields Ease; China ETFs Jump
The 3.5% gain in Chinese stocks was that market's biggest one-day percentage gain since 2022, while Hong Kong's Hang Seng Index .HIS rose 4%, its most in a day in six months.
China's blue-chip index .CSI300 plunged to a five-year low last week on the back of the country's ailing economy, which had prompted state-backed investors, dubbed the "national team", to step up their buying of blue-chip stock tracking index funds to support the market. .SS
Brent and U.S. crude futures climbed after the U.S. Energy Department said crude oil production would not grow as fast as previously forecast.
U.S. crude CLc1rose 0.7% to settle at $73.31 a barrel, while Brent crude LCOc1 rose 0.8% to $78.59.
By Caroline Valetkevitch (Additional reporting by Karen Brettell and Herbert Lash in New Yok, and Alun John in London and Rae WeeEditing by Sam Holmes, Sharon Singleton, Emelia Sithole-Matarise, Ros Russell and David Gregorio)
