Global Stocks Higher Friday 09/21 06:16
Global stocks rose Friday after Wall Street hit a new high and a survey
showed Japanese manufacturing accelerating.
BEIJING (AP) -- Global stocks rose Friday after Wall Street hit a new high
and a survey showed Japanese manufacturing accelerating.
KEEPING SCORE: In early trading, London's FTSE 100 index rose 0.9 percent to
7,433.44 points and Germany's DAX gained 0.7 percent to 12,415.22. France's CAC
40 advanced 0.7 percent to 5,492.04. On Thursday, the CAC 40 rose 1.1 percent,
the DAX gained 0.9 percent and the FTSE 100 added 0.5 percent. On Wall Street,
the future for the Dow Jones industrial average rose 0.2 percent and that for
the Standard & Poor's 500 index was up 0.1 percent.
ASIA'S DAY: The Shanghai Composite Index rose 2.5 percent to 2,797.48 and
Tokyo's Nikkei 225 advanced 0.8 percent to 23,869.93. Hong Kong's Hang Seng
gained 1.7 percent to 27,869.93 and Seoul's Kospi was up 0.7 percent at
2,339.17. Sydney's S&P-ASX 200 added 0.4 percent to 6,194.60 while India's
Sensex shed 1.6 percent to 36,512.26. Benchmarks in New Zealand, Taiwan and
Southeast Asia also advanced.
WALL STREET: The Dow and S&P 500 set records as a wave of buying pushed
prices higher. Technology stocks, banks and health care companies accounted for
much of the rally. Energy companies declined along with crude oil prices. The
S&P 500 rose 0.8 percent. The Dow and the Nasdaq composite both added 1 percent.
ANALYST'S TAKE: "The resilience in the U.S. market is evident here and the
breakout further renews the momentum," Jinyi Pan of IG said in a report. Still,
"warning signs are abundant" amid U.S.-Chinese trade tensions, Pan said.
"Cautiousness in the form of stop losses may be ever so important with the
uncertainty in post-tariffs exchanges lingering into next week."
TRADE TENSION: The latest U.S. tariff hike on Chinese goods in a dispute
over Beijing's technology policy takes effect Monday, when Washington imposes
an additional 10 percent tax on $200 billion of imports. The tariffs will rise
to 25 percent on Jan 1. Beijing announced it would retaliate by imposing
tariffs of 5 or 10 percent on $60 billion of U.S. goods including coffee, honey
and industrial chemicals.
JAPANESE MANUFACTURING: A preliminary version of Japan's monthly purchasing
managers' index showed factory activity accelerated in September. The PMI rose
to a three-month high of 52.9 from August's 52.5 on a 100-point scale. The
measure of new export orders rose to a four-month high.
ENERGY: Benchmark U.S. crude fell 12 cents to $70.43 per barrel in
electronic trading on the New York Mercantile Exchange. The contract lost 55
cents on Thursday to close at $70.32. Brent crude, used to price international
oils, advanced 30 cent to $78.52 per barrel in London. It tumbled 70 cents the
previous session to $78.22.
CURRENCY: The dollar gained to 112.73 yen from Thursday's 112.46 yen. The
euro was unchanged at $1.1778.