Global Stocks Extend Rally
26 Março 2019 - 6:33AM
Dow Jones News
By David Hodari
Global stocks ticked up Tuesday, extending their rallies after a
sharp selloff late last week.
The Stoxx Europe 600 was up 0.1% in early trading, with energy
sector stocks among those staging shallow gains. Oil prices have
recently recovered from early-year weakness, with Brent crude oil
futures, the global benchmark, last up 0.6% at $67.18 a barrel.
Still, investors and strategists have recently signaled doubts
over the prospects for global growth, amid a slew of downbeat
economic data.
Germany's DAX index underperformed other European benchmarks,
falling 0.2% after a German consumer confidence survey undershot
forecasts. That chimed with similarly downbeat eurozone purchasing
managers index figures at the end of last week.
The yield on 10-year German government bonds slipped back to its
late Monday level of -0.022%. Yields fall as prices rise.
French GDP figures on Tuesday matched market expectations.
Growth figures from the U.S. are due Thursday, and from the U.K.,
Spain and Canada on Friday.
U.K. assets remained broadly unchanged despite lawmakers'
decision late Monday to wrest control of the Brexit process away
from Prime Minister Theresa May, in a move that will prompt a
series of indicative votes this week aimed at easing legislative
gridlock. The FTSE 100 was up 0.2% and the pound was nearly flat
against the dollar at $1.3189.
Gentle gains for European stocks followed more mixed trading in
Asia, where Japan's Nikkei 225 climbed 2.2% partly thanks to
buoyant pharmaceuticals and transportation stocks, after facing
heavy pressure Monday. Shares in Nintendo jumped 4.8% after the
company announced plans to launch two new versions of its Switch
console.
Gains on South Korea's Kospi benchmark, up 0.2%, were more
subdued, with index heavyweight Samsung Electronics down 0.6% after
warning of a hit to earnings from weak chip prices.
Mainland China stocks edged lower ahead of the resumption of
cabinet-level trade negotiations between the U.S. and China. The
Shanghai Composite Index fell 1.5% and the Shenzhen A-Share dropped
2.2%, though those benchmarks tend to be more volatile than many of
their Asian counterparts. Hong Kong's Hang Seng gained 0.2%.
Investors were hopeful that monthslong negotiations would
finally yield results. "We assign a 60% chance to a successful
outcome to talks, which would involve a partial rollback of
tariffs," said UBS Chief Investment Office strategists in a
note.
Traders were also eyeing speeches from China's finance minister
and its central bank governor, both expected this week, and U.S.
house building figures due later in the day.
U.S. futures put the S&P 500 and the Dow Jones Industrial
Average on course to climb 0.2% at the open, after both indexes
eked out gains on Monday. The S&P remained 1% below its level a
week earlier.
The yield on 10-year U.S. Treasurys was last 2.433%, up from
2.418% late Monday and on course to snap a four-day negative
streak.
U.S. technology sector stocks will be in focus on Tuesday, with
Uber completing the $3.1 billion dollar purchase of Middle Eastern
rival Careem Networks, and Apple on Monday announcing a raft of
products aimed at boosting its services revenues.
Write to David Hodari at David.Hodari@wsj.com
(END) Dow Jones Newswires
March 26, 2019 05:18 ET (09:18 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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