World stocks rise amid upbeat European data, US holiday
November 24, 2017 - 5:35 AM
HONG KONG - World stock markets were mostly higher Friday after more upbeat economic data in Europe, though trading was still subdued due to the U.S. Thanksgiving holiday. Investors were monitoring Chinese shares, which stabilized after an early tumble.
KEEPING SCORE: In Europe, France's CAC 40 was up 0.6 per cent to 5,413 while Germany's DAX gained 0.9 per cent to 13,126. Britain's FTSE 100 was flat at 7,419. Wall Street was poised to open higher after the holiday, though trading volumes were expected to contained as the market is due to close early. Dow and S&P 500 futures were both up 0.3 per cent.
EUROPE GAINS: Key surveys this week showed business activity rising further in the eurozone and jobs growth at the highest since the dotcom era. On Friday, another report showed German business confidence hit a record high in November. The Ifo Institute's business climate indicator hit 117.5 points, from 116.8 the previous month, mainly thanks to greater optimism about the future.
CHINA TRADING: Investors watching for another day of wobbles on the mainland's markets were relieved when Shanghai shares staged a late rally after bouncing off a fresh two-month low. On Thursday they tumbled in the final hour of trading, sending the Shanghai Composite down 2.3 per cent. Traders blamed factors including tightening liquidity following reports the government is clamping down on online lenders and jitters over bond markets.
ASIAN SCORECARD: Regional markets had a choppy day of trading, with some benchmarks reversing early losses to end higher. Japan's benchmark Nikkei 225 index rose 0.1 per cent to 22,550.85 while the Shanghai Composite index was up 0.1 per cent to 3,353.82. Hong Kong's Hang Seng rebounded 0.5 per cent to 29,866.32 and South Korea's Kospi added 0.3 per cent to 2,544.33. Australia's S&P/ASX 200 edged 0.1 per cent lower to 5,982.60. Taiwan's benchmark was flat and Southeast Asian indexes were mostly lower.
WEEK AHEAD: With few other catalysts expected and U.S. trading shortened for "Black Friday," investors are looking ahead to possible market-moving events next week. President Donald Trump's tax overhaul is expected to come into the spotlight again as the Senate's version goes to a vote. U.S. and Chinese manufacturing indexes are due for release, as well as data on U.S. new home sales, Japanese industrial production and European unemployment.
OIL: Energy futures were mixed. U.S. benchmark crude rose 71 cents to $58.73 a barrel in electronic trading on the New York Mercantile Exchange. The contract fell 20 cents on Thursday. Brent crude, used to price international oils, gained 17 cents to $63.72 per barrel in London.
CURRENCIES: The dollar strengthened to 111.35 yen from 111.22 yen in late trading Thursday. The euro strengthened to $1.1881 from $1.1854.
News from © The Associated Press, 2017