Global stocks rise after strong Wall Street week
BEIJING (AP) — Global stock markets mostly rose Monday following a record-setting week on Wall Street and as traders looked ahead to data releases from China, Japan and the eurozone.
KEEPING SCORE: Germany’s DAX rose 0.3 percent to 13,354 and France’s CAC 40 gained 0.3 percent to 5,485. London’s FTSE 100, however, was off 0.2 percent at 7,709 amid expectations of a government cabinet reshuffle. On Wall Street, where stocks have been on the longest new year winning streak in eight years, the future for the Dow Jones industrial average was flat while the S&P 500 index was down 0.1 percent.
WEEK AHEAD: India reports trade on Wednesday, with forecasters expecting solid gains, while China reports a flurry of data including inflation and bank loan growth. The eurozone reports factory output growth on Thursday. On Friday, China is due to release December trade, with a double-digit rise expected following a weak 2017, while the United States reports monthly inflation.
ANALYST’S TAKE: “This is a big week of event risk,” Chris Weston of IG said in a report, pointing to emerging markets trade and U.S. inflation. Weston said investors also are looking forward to U.S. earnings later this week, but the picture is “a little more challenging” as companies bring forward charges for repatriating cash under Washington’s tax changes. “This reporting season could be a catalyst, but it does promise to be somewhat messier than prior quarters, not to mention sentiment towards U.S. equities is already sky high.”
ASIA’S DAY: The Shanghai Composite Index rose 0.5 percent to 3,409.48 and Hong Kong’s Hang Seng gained 0.3 percent to 30,899.53. Seoul’s Kospi advanced 0.6 percent to 2,513.28 and India’s Sensex added 0.5 percent to 34,338.08. Sydney’s S&P-ASX 200 edged up 0.1 percent to 6,130.40 and benchmarks in Taiwan and most of Southeast Asia also rose. New Zealand the Philippines declined.
ENERGY: Benchmark U.S. crude gained 20 cents to $61.64 per barrel in electronic trading on the New York Mercantile Exchange. The contract fell 57 cents on Friday. Brent crude, used to price international oils, rose 13 cents to $67.75 in London. It fell 45 cents the previous session.
CURRENCY: The dollar edged down to 113.03 yen from Friday’s 113.07 yen. The euro declined to $1.1971 from $1.2032.