#chinese data

New Post has been published on https://is.gd/zplJBO

Asian and European shares rise on promising Chinese data

Global shares rose Thursday on the back of promising Chinese data and fresh signs that Italy may avoid imminent elections after all.

KEEPING SCORE:

In Europe, France’s CAC 40 climbed 0.4 percent to 5,446.54 while the FTSE 100 index gained 0.2 percent to 7,708.06. The DAX in Germany dropped 0.2 percent to 12,754. Italy’s FTSE MIB jumped 1.2 percent to 22,050.37. U.S stocks are set for an optimistic start, with Dow futures up by 0.1 percent and the broader S&P 500 futures almost flat.

CHINA MANUFACTURING:

Chinese factory activity grew at its fastest rate in eight months on stronger demand, a survey showed Thursday, in a positive sign for the world’s No. 2 economy despite trade tensions with the U.S. The official purchasing managers’ index, or PMI, rose to 51.9 in May from 51.4 the previous month. Readings above 50 indicate expansion, while lower numbers indicate contraction on the index’s 100-point scale.

ANALYST’S VIEWPOINT:

“Today’s strong set of official PMIs tell a reassuring story about current growth momentum. However, we will have to wait for more reliable indicators to be published in order to get a clearer picture of the health of China’s economy,” Julian Evans-Pritchard of Capital Economics said in a commentary.

ITALY:

Italy’s president gave populist politicians another chance Wednesday to try to form a coalition government AND Carlo Cottarelli, the former International Monetary Fund official tapped Monday to be a neutral, temporary premier, said “new possibilities” had emerged for a government based on the results of the March election. That alleviated worries that another election might be required that would amount to a referendum on the euro.

CHINA TRADE:

Beijing criticized the U.S. for renewing a threat to raise duties on some imports from China. At the same time, officials from the U.S. and European Union held talks on tariffs the Trump administration has proposed on European steel and aluminum. European Union negotiators seemed pessimistic and said they expected the U.S. to announce a final decision Thursday. China and the EU have both said they will react to new tariffs imposed by the U.S. with duties of their own, which has raised the prospect of greater tensions and the possibility of trade wars.

ASIAN SCORECARD:

Japan’s Nikkei 225 index gained 0.8 percent to 22,201.82 and Hong Kong’s Hang Seng index jumped 1.4 percent to 30,468.56. The Shanghai Composite index rebounded 1.8 percent to 3,095.47 and Australia’s S&P ASX 200 climbed 0.5 percent to 6,011.90. South Korea’s Kospi advanced 0.6 percent to 2,423.01. Shares rose in Taiwan and were mostly higher in Southeast Asia

CURRENCIES:

The euro rose to $1.1708 from $1.1664. The dollar rose to 108.96 yen from 108.89 yen.

ENERGY:

U.S. crude oil slipped 41 cents to $67.80 per barrel in electronic trading on the New York Mercantile Exchange. It jumped 2.2 percent on Wednesday to $68.21 per barrel in New York. Brent crude, used to price international oils, lost 38 cents to $77.34 per barrel. It added 2.8 percent to $77.50 a barrel in London.

__

By ELAINE KURTENBACH, AP Business Writer,By Associated Press – published on STL.News by St. Louis Media, LLC (Z.S)

China June new home prices rise 10.2% on year

Average new home prices in China’s 70 major cities rose 0.7 percent in June from the previous month, in line with growth in May as policymakers battle to rein in a red-hot market.

Compared with a year ago, new home prices rose 10.2 percent in June, slowing from an 10.4 percent gain in May, Reuters calculated from National Bureau of Statistics (NBS) data out on Tuesday.

Regulators have intensified…

Taking a hint from the global cues, U.S. stock markets are set to open higher, as indicated by the early stock futures trading. NASDAQ (INDEXNASDAQ:NDX) Futures surged 0.26% to 4,321 while S&P 500 INDEX (INDEXCBOE:SPX) was 0.24% up at 2,052 during the early premarket trade.

Oil and European markets up

The markets seem to be drawing its optimism from rallying oil prices and positivity across the world markets. The wildfire in Alberta, Canada has led to shutting down of several oil facilities as a precautionary measure. Such operations halt at Canadian oil facilities might cause output decline, believed commodity traders, however, the validity of such thoughts were not confirmed. Besides this, the Libya violence has further added to hopes of production cut from the region, sending the oil prices above $45 per barrel.

China’s PMI slips in April

The surge in oil prices has encouraged European equity markets while most traders have fixated their focus on weekly initial jobless claims data and speeches from the Federal Reserve later today. However, Asian equities traded mixed on the back of gloomy Chinese data. The Caixin services purchasing managers’ index dipped further to 51.8 in April from 52.2 in March, pointing to a continued economic slowdown.

Meanwhile, the U.S. Dollar (CURRENCY:USD) continued to strengthen against the Yen and the Euro. Japan’s Prime Minister, Shinzo Abe’s comments that indicated at possible intervention from the government helped Yen prices to ease out.

Up ahead in the day, a series of speeches from the Federal Reserve Presidents will assume the spotlight for the markets. St. Louis Fed President, James Bullard, will speak at Santa Barbara County’s Economic Summit while San Francisco Fed President, John Williams, will address the Hoover Institution’s International Monetary Stability Conference. It is noteworthy that a number of Fed officials had indicated a June rate hike in their recent speeches at events.

Stocks end well off day’s lows

Indian shares recouped early losses to end slightly lower on Friday.

Markets saw a sluggish start, mirroring steep losses elsewhere in Asia after Standard & Poor’s Ratings Services cut its outlook for the Chinese government’s credit rating and a survey showed business sentiment among large Japanese manufacturers worsened in March. (more…)