BANGKOK (AP) – Shares in Europe and Asia advanced yesterday, shrugging off another decline on Wall Street, with markets in China gaining after state-run banks and other financial institutions were ordered to do more to help spur more consumer spending.
Germany’s DAX rose 0.4 per cent to 22,667.45, while the CAC 40 in Paris climbed 0.7 per cent to 7,996.78. Britain’s FTSE 100 was up 0.4 per cent at 8,577.97.
US stocks looked primed for gains, with the future for the S&P 500 up 0.7 per cent while that for the Dow Jones Industrial Average was 0.5 per cent higher.
In Asian trading, Hong Kong’s benchmark jumped 2.1 per cent to 23,959.98, while the Shanghai Composite index surged 1.8 per cent to 3,419.56.
China’s National Financial Regulatory Administration issued a notice yesterday ordering financial institutions to help develop consumer finance and encourage use of credit cards, do more to aid borrowers who run into trouble, and be more transparent in their lending practices.
Economists said China needs consumers to spend more to get the economy out of the doldrums, although most have advocated broader, more fundamental reforms such as increasing wages, social welfare and support for public health and education.
In Tokyo, the Nikkei 225 added 0.7 per cent to 37,053.10, while South Korea’s Kospi slipped 0.3 per cent to 2,566.36.
Australia’s S&P/ASX 200 gained 0.5 per cent to 7,789.70, while Bangkok’s SET jumped 1.2 per cent.
On Thursday, Wall Street’s sell-off deepened as President Donald Trump’s escalating trade war dragged the S&P 500 more than 10 per cent below the record it set last month.
