Global stock markets rise on strong earnings, economic data
By JOE McDONALD
Oct. 24, 2017
BEIJING (AP) — Global stock markets rose Tuesday on upbeat corporate earnings and economic data globally. Tokyo's benchmark Nikkei 225 extended a post-World War II record by logging its 16th straight trading session of gains.
KEEPING SCORE: Germany's DAX rose 0.3 percent to 13,044 and France's CAC-40 gained 0.4 percent to 5,409. The FTSE 100 in London gained 0.1 percent to 7,531. On Wall Street, the future for the Dow Jones industrial average rose 0.6 percent while the Standard & Poor's 500 futures were up 0.2 percent.
GROWTH DATA: A survey in the eurozone showed its economy continued to grow at a fast pace in October and that companies were hiring at their fastest pace in a decade. The manufacturing sector in particular saw good growth in France and Germany. In Japan, a survey of manufacturers showed activity weakened but still grew relatively strongly and exports rising.
EARNINGS: Corporate reports were positive from McDonald's as well as from automakers General Motors and Fiat Chrysler. McDonald's made third-quarter earnings of $1.88 billion, which beat expectations. Though GM posted a huge paper loss last quarter, that was due to charges from the sale of its European unit. Without that, it made an above-expectation $2.5 billion before taxes. Fiat Chrysler saw net profit rise 50 percent and maintained its outlook.
ASIA'S DAY: Tokyo's Nikkei 225 index climbed 0.5 percent to 21,805.17 and the Shanghai Composite Index gained 0.2 percent to 3,388.25. Hong Kong's Hang Seng lost 0.5 percent to 28,154.97 while Sydney's S&P-ASX 200 was little-changed at 5,897.60. Seoul's Kospi was unchanged at 2,490.49 and India's Sensex advanced 0.3 percent to 32,594.62. Benchmarks in Taiwan, Bangkok and Jakarta rose while New Zealand and Singapore retreated.
CHINA POLITICS: China's ruling Communist Party is preparing to appoint President Xi Jinping this week to a second five-year term as leader and unveil a new ruling inner circle around him. After spending his first term cementing his status as China's most powerful leader since Deng Xiaoping in the 1980s, Xi is widely expected to shift focus to economic policy. In a speech last week, Xi promised to promote entrepreneurial activity but also affirmed party ambitions to build up state-owned companies that dominate banking, energy and other industries. Five of the seven members of the party's Standing Committee are due to retire under informal age limits, clearing the way for Xi to promote allies.
ENERGY: Benchmark U.S. crude gained 25 cents to $52.15 per barrel in electronic trading on the New York Mercantile Exchange. The contract rose 6 cents on Monday. Brent crude, used to price international oils, gained 18 cents to $57.55 in London. It fell 38 cents the previous session.
CURRENCY: The dollar rose to 113.90 yen from Monday's 113.43 yen. The euro gained to $1.1760 from $1.1749.