European stocks closed higher Tuesday, posting around 2% daily gains.

The STOXX Europe 600, which includes around 90% of the market capitalization of the European market in 17 countries, rose 11.47 points, or 2.45%, to close at 480.18.

London's FTSE 100 increased 107 points, or 1.49%, to end the day at 7,339.

Germany's DAX 30 was the best performer of the day, gaining 433, or 2.82%, to 15,813 points.

France's CAC 40 rose 199 points, or 2.91%, to 7,065.

Italy's FTSE MIB 30 jumped almost 640 points, or 2.4%, to end the day at 27,137.

Spain's IBEX 35 soared 119 points, or 1.42%, to close at 8,559./aa

Persistent inflation, supply chain disruptions and energy prices could trigger wage inflation and push the Federal Reserve and other central banks to increase interest rates faster than expected, S&P Global Ratings said Tuesday.

"After a decades-long retreat, inflation is back. Prices are rising, often dramatically, for items such as oil, semiconductors, and vehicles," the global rating agency said in a statement.

"Inflation strains are prompting some central banks to tighten, raising funding costs," it added.

With global demand growth outrunning supply growth, the agency said inflation is rising quickly almost everywhere around the world.

"Recent Fed signaling has prompted investors to speculate that the central bank may raise interest rates sooner and faster," it said.

Fed Chair Jerome Powell said last week that the central bank is ready to use all of its tools to fight high inflation.

His comments also suggested that the Fed would discuss winding up its asset purchases at a faster rate at its next meeting on Dec. 14 - 15./aa

A Cameroonian migrant, left to die in the Aegean Sea by Greek elements, is seeking justice at the European Court of Human Rights (ECHR).

Ibrahim Obbo, 18, demanded compensation of €100,000 (over $112,500) for human rights violations and emotional distress he had to endure as he submitted his application to ECHR on Nov 26.

According to Obbo’s testimony to Turkish security forces, Obbo, along with 35 other irregular migrants, sailed to Greece’s Samos Island on an inflatable boat on Sept. 14. Once they landed on the island, Greek forces initially fired warning shots and then nabbed them.

Obbo and his two friends, who initially ran away from Greek forces, were nabbed the next day.

They were reportedly put in a boat and then thrown into the sea without life jackets after being beaten.

Obbo said he succeeded in reaching the Kusadasi district of Turkey’s western Aydin province by swimming, while his friends died.

After sharing his story with Turkish security forces, he was helped by a Turkish NGO that provided him with legal assistance and lawyers in the Izmir province.

Speaking to Anadolu Agency, Esengul Kiran, one of Obbo’s lawyers, stressed that his client’s psychological situation was in terrible shape when they met, describing the incident as "attempted manslaughter."

Another lawyer, Mehmet Arslan, said Obbo was physically injured and traumatized due to what he has been through.

Turkey, and human rights groups have repeatedly condemned Greece’s illegal practice of pushing back asylum seekers, saying it violates humanitarian values and international law by endangering the lives of vulnerable migrants, including women and children./aa

Gross domestic product (GDP) in the euro area rose 3.9% year-on-year in the third quarter of 2021, beating a flash estimate of 3.7%, Eurostat announced on Tuesday.

GDP in the EU climbed 4.1% this July-September, compared to the same period last year.

The eurozone/euro area or EA19 represents the member states that use the single currency – the euro – while the EU27 defines all member countries of the bloc.

On a quarterly basis the figure was in line with the flash estimate for both the euro area and the EU27.

"In the third quarter of 2021, seasonally adjusted GDP increased by 2.2% in the euro area and by 2.1% in the EU compared with the previous quarter," said a Eurostat statement.

The highest economic growth rate was seen in Austria with 3.8%, followed by France (+3.0) and Portugal (+2.9%), while the lowest GDP rises were in Romania and Slovakia (+0.4%)./aa

At least seven civilians were killed in a car bomb explosion Tuesday in the southern Iraqi province of Basra, a local security official said.

The explosion took place near a hospital in the city center, the official said on condition of anonymity due to restrictions on speaking to the media.

No group has yet claimed responsibility for the attack.

Neighboring Turkey quickly issued a statement condemning the "heinous act of terrorism," also extending its condolences for those who lost their lives and wishing a swift recovery to the injured.

"Regardless of its source, Turkey will continue to stand by the Iraqi people and government in its fight against terrorism," said a Foreign Ministry statement.

The oil-rich Basra province is relatively calm compared to the country’s northern and western provinces, where the terror group Daesh/ISIS still maintains sleeper cells./agencies

A Kuwait based industry body has signed an agreement with its counterpart in Egypt as part of efforts to bolster scientific research and give impetus to joint projects, it said on Monday. As per the deal agreed between the Kuwait-headquartered Arab Planning Institute and the Federation of Egyptian Industries, the respective workforce of both bodies will be given opportunities to hone their skills with the desired goal of “more efficient” output, according to a memorandum of understanding.

The deal will also allow both sides to hold joint workshops and seminars as viable platforms for the exchange of knowhow, with particular focus given to common development plans, it said. It was co-inked by the institute Director General Badr Malallah and chairman of the federation Mohammad Al-Swaidi at its headquarters in the Egyptian capital./AT

On the background of the emergence of the new mutant Omicron in some countries, Kuwait witnessed an increase in demand for taking the booster dose among the citizen and residents.

The Kuwait Vaccination Center in the exhibition grounds in Mishref witnessed yesterday a crowd of hundreds of citizen and residents to receive the third dose.

Meanwhile, Kuwait continue to improve the epidemiological situation of the Corona virus in the country. Despite the emergence of the new mutant Omicron in some countries, Kuwait recorded only 4 deaths as a result of complications from the virus in the month of November, compared to 12 cases in October and 30 deaths from during September.

The Ministry of Health reaffirmed that so far no omicron variant is detected in Kuwait. 

His Highness the Crown Prince Sheikh Mishal Al-Ahmad Al-Jaber Al-Sabah received at Bayan Palace yesterday an invitation addressed to His Highness the Amir Sheikh Nawaf Al-Ahmad Al-Jaber Al-Sabah from Qatar’s Amir Sheikh Tamim bin Hamad Al-Thani, to participate in the fifth United Nations Conference on the Least Developed Countries.

The event will be on January 23-27, 2022 and will be held in Doha. Ambassador of Qatar to Kuwait Ali bin Abdullah Al-Mahmoud delivered the invitation. The meeting was attended by Minister of Amiri Diwan Affairs Sheikh Mohammad Abdullah Al-Mubarak Al-Sabah, Amiri Diwan Undersecretary, Director of His Highness the Amir Bureau Ambassador Ahmad Fahad Al-Fahad, Director of the Office of His Highness the Crown Prince Lt Gen Jamal Mohammad Al-Dhiyab, and Undersecretary for Foreign Affairs in the Office of His Highness the Crown Prince Mazen Al-Issa. – KUNA

Global banking regulations are expected to gradually tighten in 2022 due to expectations of a continued return to pre-pandemic norms, global rating agency Fitch Ratings said in a statement on Monday.

Fitch said it expects the reintroduction of macroprudential policies, which are financial policies aimed at ensuring the stability of the financial system.

The agency advised supervisors to focus on risks surrounding cyber security, climate change, and cryptocurrencies.

"For many developing markets, macroprudential policies linked to financial stability risks, and adherence to supranational requirements will continue to be the main determinant of regulatory reform agendas," it said./agencies

The US on Monday slammed the "unjust conviction" of Myanmar's deposed leader Aung San Suu Kyi and called for her to be released along with other elected officials.

"The Burmese (Myanmar) military regime’s unjust conviction of Aung San Suu Kyi and the repression of other democratically elected officials are yet further affronts to democracy and justice in Burma," said State Secretary Antony Blinken in a statement, using an older name for Myanmar.

"The regime’s continued disregard for the rule of law and its widespread use of violence against the people of Myanmar underscore the urgency of restoring Burma’s path to democracy," he added.

Earlier on Monday, a military court in Myanmar convicted Suu Kyi, a Nobel Peace Prize laureate, sentencing her to four years in prison on charges of violating COVID-19 restrictions and incitement.

Blinken urged Myanmar to release Suu Kyi and "all those unjustly detained, including other democratically elected officials".

"We reiterate our call for the regime to engage in constructive dialogue with all parties to seek a peaceful resolution in the interest of the people, as agreed to in the ASEAN Five-Point Consensus," said Blinken, referring to the Association of Southeast Asian Nations.

On Feb. 1, Myanmar's military junta seized power after allegations of fraud in the November 2020 general elections and political tension in the country.

The army arrested leaders and officials of the ruling National League for Democracy party, including de facto leader Aung San Suu Kyi, and declared a one-year state of emergency.

According to the Myanmar-based Assistance Association for Political Prisoners (AAPP), more than 1,100 people have been killed and over 9,000 demonstrators arrested in the military’s brutal crackdown on mass protests and rebellion against their rule./aa