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World stocks higher as China factories recover


September 23. 2013 5:36AM
Associated Press

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(AP) Global stock markets edged up Monday after a survey showed manufacturing in the world's No.2 economy rose to a six-month high last month.


HSBC said the preliminary version of its monthly purchasing managers' index for China rose to 51.2 from 50.1 in August. Numbers above 50 indicate an expansion in activity.


The data breathed some life into Chinese markets. The Shanghai Composite Index rose 1.3 percent to 2,221.04. The smaller Shenzhen Composite Index jumped 2.2 percent to 1,059.74.


"While the good news from China was encouraging, it's not a game-changer. It's just cementing or building the picture that we've had out of China for a couple of months," said Ric Spooner, chief market analyst at CMC Markets in Sydney.


Elsewhere in Asia, trading was subdued. Japan's stock market was closed for a public holiday while a powerful storm forced Hong Kong markets to shutter in the morning. In the afternoon, Hong Kong's Hang Seng fell 0.6 percent to 23,371.54.


South Korea's Kospi rose 0.2 percent to 2,009.41 while Australia's S&P/ASX 200 fell 0.5 percent to 5,252.50. Benchmarks in Singapore, Indonesia, and Thailand fell. Those in Taiwan and the Philippines rose.


Early in Europe, Britain's FTSE 100 was marginally lower at 6,593.66. Germany's DAX rose 0.2 percent to 8,693.20. France's CAC-40 gained 0.2 percent to 4,213.07. Wall Street appeared set to open higher, with Dow Jones industrial futures rising 0.3 percent to 15,445. S&P 500 futures gained 0.3 percent to 1,706.60.


Among individual stocks, Australian gold miner Newcrest Mining plummeted nearly 8 percent after the company issued a dour annual report. Last month, the company posted a $5.8 billion net loss for the year amid slumping gold prices.


Wall Street fell Friday as investors focused on the debate in Washington over the debt ceiling and concerns about a stalemate between Republicans and the White House. Lawmakers need to agree to raise the debt ceiling by Oct. 1 to avoid a government shutdown, and a potential default on payments, including debt, later in the month.


Benchmark oil for November delivery was down 16 cents to $104.58 per barrel in electronic trading on the New York Mercantile Exchange.


The October contract dropped $1.72, or 1.4 percent, to settle at $104.67 on Friday. Last week, oil dropped $3.54, or 3.3 percent. That's despite a 2.5 percent increase on Wednesday, when the U.S. Federal Reserve announced it would keep its stimulus policy in place.


In currencies, the euro rose to $1.3522 from $1.3523 late Friday. The dollar fell to 98.96 yen from 99.32 yen.


___


Follow Pamela Sampson on Twitter at http://twitter.com/pamelasampson


Associated Press


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