Global shares advance on strong China factory data

Global shares advance on strong China factory data
The Associated Press

Shares were higher in Europe and Asia on Monday following the release of better-than-expected manufacturing data for China. Markets were closed in Japan and mainland China.

KEEPING SCORE: Germany’s DAX rose 0.2 percent to 12,608.52 and the CAC 40 of France added 0.2 percent to 5,494.72. The FTSE 100 of Britain climbed 0.4 percent to 7,533.71. The future for the Dow Jones industrial average was up 0.4 percent to 24,372.00 and the future for the S&P 500 advanced 0.3 percent to 2,878.70.

THE DAY IN ASIA: The Hang Seng in Hong Kong climbed 1.7 percent to 30,808.45 and South Korea’s Kospi added 0.9 percent to 2,515.38. The S&P ASX 200 in Australia added 0.5 percent to 5,982.70. India’s Sensex advanced 0.5 percent to 35,135.41. Shares also rose in Taiwan, Singapore, Thailand and Indonesia. Markets in mainland China and Japan were closed for holidays.

WALL STREET: U.S. stocks were mostly higher Friday after a wobbly day of trading. The S&P 500 index gained 0.1 percent to 2,669.91. The Dow Jones industrial average lost 11.15 points, or less than 0.1 percent, to 24,311.19. The Nasdaq composite rose 1.12 points to 7,119.80. The Russell 2000 index of smaller-company stocks lost 1.66 points, or 0.1 percent, to 1,556.24. Most of the stocks on the New York Stock Exchange finished higher.

CHINA MANUFACTURING: The official purchasing managers’ index for Chinese factory growth eased slightly in April, according to a monthly survey released Monday. It showed activity in the world’s No. 2 economy is holding up despite worries over trade tensions with the U.S. The PMI registered 51.4 for April, easing from 51.5 in the previous month but still above the 50-point mark that separates expansion from contraction on the index’s 100-point scale.

ANALYST’S VIEWPOINT: “The official manufacturing PMI points to economic conditions having remained healthy in April. But with headwinds from the property sector and slower credit growth building, we don’t think this strength will last,” Chang Liu of Capital Economics said in a commentary.

ENERGY: Benchmark U.S. crude fell lost 59 cents to $67.51 per barrel in electronic trading on the New York Mercantile Exchange. On Friday it gave up 9 cents to $68.10 a barrel. Brent crude, used to price international oils, shed 60 cents to $73.19 per barrel. On Friday it lost 9 cents to $73.79 per barrel in London.

CURRENCIES: The U.S. dollar rose to 109.29 yen from 109.05 late Friday. The euro slipped to $1.2101 from $1.2131.

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