Global stocks gain before China data, Europe rate meeting
SEOUL, South Korea — Global stock markets rose Tuesday ahead of China’s release of quarterly growth data and a policy meeting of the European Central Bank later in the week.
KEEPING SCORE: Europe got off to a strong start with Britain’s FTSE 100 up 1 percent to 7,018.92. France’s CAC 40 advanced 1.3 percent to 4,507.93 and Germany’s DAX gained 1.1 percent to 10,615.80. Futures augured moderate gains on Wall Street. Dow futures gained 0.4 percent while S&P futures rose 0.5 percent.
ANALYST’S TAKE: “This week’s China monthly data dump will certainly attract attention given last week’s deplorable trade data,” said Stephen Innes, a senior trader at OANDA. “After a shaky start to the year, China economy has stabilized thanks to easy money policy and massive infrastructure builds.”
FOCUS ON EUROPE: Investors were waiting a news conference by the European Central Bank’s slated for Thursday. The probability of another rate cut by the bank is low but analysts said surprises could send jitters through markets.
ASIA’S DAY: Japan’s Nikkei 225 added 0.4 percent to 16,963.61 while South Korea’s Kospi gained 0.6 percent to 2,040.43. Hong Kong’s Hang Seng index jumped 1.6 percent to 23,394.39 and China’s Shanghai Composite Index advanced 1.4 percent to 3,083.88. Australia’s S&P/ASX 200 rose 0.4 percent to 5,410.80. Stocks in Southeast Asia were mostly higher. But Thailand’s main index closed flat.
OIL: U.S. benchmark crude oil added 44 cents to $50.37 per barrel in New York. The contract fell 41 cents, or 0.8 percent, to close at $49.94 a barrel on Monday. Brent crude, the international standard, gained 35 cents at $51.87 a barrel in London.
CURRENCIES: The dollar rose to 104.01 yen from 103.87 on Friday, while the euro strengthened to $1.1019 from $1.1002. TVJ
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