Global stocks rise on optimism over growth, company earnings
TOKYO (AP) — Global stocks rose on Wednesday amid optimism over global economic growth and corporate earnings.
KEEPING SCORE: France’s CAC 40 added 0.4 percent to 5,526, while Germany’s DAX was up 1.8 percent at 13,473. Britain’s FTSE 100 gained 0.2 percent to 7,508 after an upbeat report on manufacturing. U.S. shares were also set to advance, with Dow futures up 0.6 percent and S&P 500 futures climbing 0.4 percent.
GOOD EARNINGS: More than half the companies in the S&P 500 have reported their results for the July-through-September quarter, and most have topped Wall Street forecasts. Several big names are still on the docket for this week, with Facebook set to report on Wednesday and Apple on Thursday.
CENTRAL BANKS: Several of the world’s largest central banks are meeting this week, and the Bank of Japan decided on Tuesday to keep its interest rates at ultra-low levels. The Bank of England is expected to raise interest rates on Thursday, which would be the first increase in a decade. The Federal Reserve wraps up a two-day meeting Wednesday, though most economists expect the U.S. central bank to wait until its December gathering to raise rates for the third time this year. Meanwhile, attention is on President Donald Trump’s choice for the next Fed chair.
ASIA’S DAY: Japan’s benchmark Nikkei 225 added 1.9 percent to close at 22,420.08. Australia’s S&P/ASX 200 added 0.5 percent to 5,937.80. South Korea’s Kospi gained 1.3 percent to 2,556.47. Hong Kong’s Hang Seng rose 1.2 percent to 28,584.06, while the Shanghai Composite climbed 0.1 percent to 3,395.91. Shares in Taiwan and Southeast Asia were higher.
ENERGY: Benchmark U.S. crude oil added 58 cents to $54.96 a barrel in electronic trading on the New York Mercantile Exchange. It rose 23 cents to settle at $54.38 per barrel overnight. Brent crude, the international standard, rose 42 cents to $61.32 per barrel.
CURRENCIES: The dollar rose to 114.18 yen from 113.12 yen late Tuesday in Asia. The euro rose to $1.1617 from $1.1638.
AP Business Writer Stan Choe in New York contributed to this report.
AP Business Writer Yuri Kageyama can be reached at https://twitter.com/yurikageyama
Her work can be found at https://www.apnews.com/search/yuri%20kageyama