Global stocks mostly rose Tuesday, shrugging off worries about inflation and the potential reinstatement of severe China Covid-19 restrictions ahead of the kickoff of the holiday shopping season.

London, Paris and Frankfurt closed in the green while Wall Street secured solid gains following a rally in beaten-down tech shares such as Facebook parent Meta and Google parent Alphabet that have lagged the broader market for much of 2022.

Briefing.com analyst Patrick O'Hare said Tuesday's rally reflected "the vicissitudes of a holiday market" two days before the Thanksgiving break when there were few major economic indicators.

Analysts also cited good results from Best Buy and some other retailers which offered hope that a resilient American consumer will keep spending during the critical shopping season that begins on "Black Friday."

But analysts continued to monitor the state of play in China, which over the weekend reported its first Covid-19 fatalities in months.

"Some investors are convinced that China's reopening is a formality and will be catalysed by the WHO downgrading Covid to an endemic. We know China's reopening will be laced with fits and starts," said Stephen Innes of SPI Asset Management.

Traders are fearful that Chinese authorities will revert to highly restrictive Covid containment measures that have already dealt a chilling blow to its economy this year.

"Renewed crackdowns in the world's second largest economy raise the prospect of a global recession," City Index analyst Fiona Cincotta told AFP.

World oil prices also clawed back ground, having tumbled on Monday to lows unseen since January, with the rebound attributed in part to the Saudi Arabian denial of a report of a possible OPEC production boost.

The dollar slid against main rivals ahead of minutes from the Federal Reserve's latest policy meeting that saw it carry out another big hike to US interest rates.

Hopes that the central bank will begin to take its foot off the pedal were boosted earlier this month by figures showing US inflation slowed more than expected, suggesting a series of hikes were beginning to bite.

The OECD forecast Tuesday that world economic growth will slow sharply from 3.1 percent this year to 2.2 percent next year on high inflation.

And it warned of "serious headwinds" including rising interest rates, surging energy prices and Russia's war on Ukraine.

Among individual companies, Manchester United soared 14.7 percent following a Sky News report that the team's US-based owners, the Glazer family, could sell the venture.

The report came as the team announced that Portuguese star Cristiano Ronaldo was leaving the club immediately following a broadcast interview in which he sharply criticized the Glazer family.

Late Tuesday, Manchester United released a statement saying its board is "commencing a process to explore strategic alternatives for the club," including a possible sale.

- Key figures around 2200 GMT -

New York - Dow: UP 1.2 percent at 34,098.10 (close)

New York - S&P 500: UP 1.4 percent at 4,003.58 (close)

New York - Nasdaq: UP 1.4 percent at 11,174.84 (close)

London - FTSE 100: UP 1.0 percent at 7,452.84 (close)

Paris - CAC 40: UP 0.4 percent at 6,657.53 (close)

Frankfurt - DAX: UP 0.3 percent at 14,422.35 (close)

EURO STOXX 50: UP 0.5 percent at 3,929.90 (close)

Tokyo - Nikkei 225: UP 0.6 percent at 28,115.74 (close)

Hong Kong - Hang Seng Index: DOWN 1.3 percent at 17,424.41 (close)

Shanghai - Composite: UP 0.1 percent at 3,088.94 (close)

Euro/dollar: UP at $1.0305 from $1.0242 on Monday

Dollar/yen: DOWN at 141.20 yen from 142.14 yen

Pound/dollar: UP at $1.1886 from $1.1823

Euro/pound: UP at 86.66 pence from 86.63 pence

Brent North Sea crude: UP 1.0 percent at $88.36 per barrel

West Texas Intermediate: UP 1.1 percent at $80.95 per barrel