October 24, 2017 06:26 AM
BEIJING (AP) — Global stock markets rose Tuesday after Wall Street slid as investors looked for new drivers for trading activity. 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 0.2 percent to 13,025.30 and France's CAC-40 gained 0.2 percent to 5,398.16. The FTSE 100 in London gained 1 point to 7,523.23. On Monday, the CAC-40 rose 0.3 percent and the DAX gained 0.1 percent while the FTSE 100 was little changed. On Wall Street, the future for the Dow Jones industrial average rose 0.2 percent while that for the Standard & Poor's 500 index was unchanged.
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.
ANALYST'S QUOTE: "It's was all quiet on the Western Front in European and U.S. trade and a pause after what has been such a strong run for global equity and credit markets," said Chris Weston of IG in a report. "Whether the gains can continue this week is obviously yet to be seen, but I remain a bull, but of the view that these markets are tired, fatigued and need new information to fuel the beast."
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.
JAPAN MANUFACTURING: A survey of manufacturers showed activity weakened this month but still grew relatively strongly. The preliminary version of the purchasing managers' index declined to 52.5 from 52.9 on a 100-point scale on which numbers above 50 show activity accelerating. The output component of the survey declined to 52.6 from 53.2 but still showed activity growing. Other components showed export volume rising.
ENERGY: Benchmark U.S. crude gained 7 cents to $51.97 per barrel in electronic trading on the New York Mercantile Exchange. The contract rose 6 cents on Monday to close at $51.90. Brent crude, used to price international oils, gained 23 cents to $57.60 in London. It fell 38 cents the previous session to $57.37.
CURRENCY: The dollar rose to 113.65 yen from Monday's 113.43 yen. The euro gained to $1.1762 from $1.1749.
By JOE McDONALD
Updated: October 24, 2017 06:26 AM
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