Producers of metals and other raw materials rose amid hopes that weakening inflation would prevent a Federal Reserve-induced recession.
Strategists are divided on the central bank's prospects of engineering a "soft landing."
"I do think inflation is peaking, but I also think we get a recession next year," said Lorenzo Di Mattia, manager of hedge fund Sibilla Global Fund.
BHP Group, one of the world's largest miners by production, said its annual profit nearly tripled, reflecting the sale of its energy operations and higher prices for metals and coal.
BHP signaled an uncertain outlook as rising interest rates take their toll on developed economies. Shares of BHP gained, while rival giants Rio Tinto and Vale rose in sympathy.
U.S. agricultural forecasters expect drought-struck farmers to walk away from more than 40% of the 12.5 million acres they sowed with cotton and harvest the smallest area since Reconstruction in 1868
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(END) Dow Jones Newswires