stocks advance on positive data
Last Updated : GMT 06:49:16
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Last Updated : GMT 06:49:16
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To Wall Street's record-breaking

Stocks advance on positive data

Arab Today, arab today

Arab Today, arab today Stocks advance on positive data

In the eurozone, Frankfurt's DAX 30 and the Paris CAC 40 each gained 0.5%
London - Arab Today

European and Asian stock markets mostly rose Tuesday, with positive economic data offsetting a pause to Wall Street's record-breaking run higher.

Traders reacted to news that Germany's official trade surplus beat expectations to shrink only slightly in June after a return to growth in exports.

Elsewhere, retail sales surprisingly recovered in Britain during July as warmer weather cancelled out widespread economic uncertainty triggered by the country's vote to exit the European Union, according to a  joint survey by the British Retail Consortium and financial group KPMG.

Asian stock markets won a lift Tuesday from data in China showing signs of improving conditions for the world's second largest economy.

"Sentiment remains upbeat for global equities mainly because of the (stimulus) actions of central banks, rebounding oil prices and the mostly better-than-expected US corporate earnings results," said Fawad Razaqzada, market analyst at City Index trading group.

Around 1030 GMT, London's benchmark FTSE 100 stocks index was up 0.3 percent.

In the eurozone, Frankfurt's DAX 30 and the Paris CAC 40 each gained 0.5 percent compared with Monday's close.

In foreign exchange, the euro was up against the dollar.

In Asia on Tuesday, China's producer prices fell in July at their slowest rate in nearly two years, fuelling hopes that the end of a painful slowdown could be in sight for a key driver of the global economy.

Heavyweight energy stocks rose after OPEC on Monday said it would hold an informal meeting in Algeria next month -- in a hint that it could take action to stabilise crude production.

Elsewhere traders were generally cautious after US markets retreated from record highs. Investors banked profits after Wall Street extended recent gains thanks to last Friday's strong US jobs data.

"Global markets have pushed higher over the past week on the idea that the US economy may soon be strong enough for the Fed to begin hiking rates once more," said Rebecca O'Keeffe, head of investment at stockbroker Interactive Investor.
"The disparity between a strengthening US economy and expectations of weaker post-Brexit UK activity looks set to continue to put pressure on the pound over the coming weeks," she added in a research note.

- Key figures at around 1030 GMT -

London - FTSE 100: UP 0.3 percent at 6,832.0 points

Frankfurt - DAX 30: UP 0.5 percent at 10,485.0

Paris - CAC 40: UP 0.5 percent at 4,437.4

EURO STOXX 50: UP 0.5 percent at 2,996.3

Tokyo - Nikkei 225: UP 0.7 percent at 16,764.9 (close)

Shanghai - Composite: UP 0.7 percent at 3,025.6 (close)

Hong Kong - Hang Seng: DOWN 0.1 percent at 22,463.9 (close)

New York - DOW: DOWN 0.1 percent at 18,529.2 (close)

Euro/dollar: UP at $1.1089 from $1.1084 Monday

Pound/dollar: DOWN at $1.2977 from $1.3040

Dollar/yen: DOWN at 102.20 yen from 102.45 yen 

SourcE: AFP

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