29.7 C
Brunei
Tuesday, September 27, 2022
29.7 C
Brunei
Tuesday, September 27, 2022
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    Global stocks up after US job gain paves way for rate hike

    BEIJING (AP) – Global stocks gained yesterday after strong United States (US) jobs data cleared the way for more interest rate hikes and Chinese exports rose by double digits.

    London, Shanghai, Tokyo and Frankfurt advanced. Hong Kong retreated. Oil prices edged higher.

    Wall Street’s benchmark S&P 500 lost 0.2 per cent on Friday after government data showed American employers added more jobs than expected in June.

    That undercut expectations a slowing economy might prompt the Fed to postpone or scale back plans for more rate hikes to cool inflation.

    “Now it seems they will be debating whether they need to be even more aggressive,” Edward Moya of Oanda said in a report. In early trading, the FTSE 100 in London was up 0.4 per cent at 7,471.08 and the DAX in Frankfurt added 0.4 per cent to 13,629.44. The CAC 40 in Paris advanced 0.6 per cent to 6,512.74.

    On Wall Street, the future for the S&P 500 rose 0.3 per cent while that for the Dow Jones Industrial Average was up 0.2 per cent.

    The S&P declined 0.2 per cent on Friday after government data showed employers hired more Americans in July than forecast.

    The Dow added 0.2 per cent while the Nasdaq composite lost 0.5 per cent.

    In Asia, the Shanghai Composite Index rose 0.3 per cent to 3,236.93 after China’s July exports rose 18 per cent over a year earlier, beating forecasts.

    China’s trade surplus swelled to USD101 billion in July after imports rose just 2.3 per cent over a year ago, reflecting weak domestic demand.

    The Hang Seng in Hong Kong fell 0.8 per cent to 20,050.15 while the Nikkei 225 in Tokyo gained 0.2 per cent to 26.241.13.

    The Kospi in Seoul gained less than 0.1 per cent to 2,493.10 and Sydney’s S&P-ASX 200 shed less than 0.1 per cent to 7,020.60.

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