BEIJING (AP) – US global stocks and futures rose on Monday after Wall Street recovered from a seven-week series of declines …
BEIJING (AP) – US global stocks and futures rose on Monday after Wall Street recovered from a seven-week series of declines and China eased anti-virus restrictions on business activity in Shanghai and Beijing.
London and Frankfurt opened higher. Shanghai, Tokyo and Hong Kong have advanced. Oil remained above $ 110 a barrel.
The future for the Wall Street S&P 500 was 0.9% higher after the benchmark ended 6.6% on Friday a week after inflation fell sharply. U.S. markets are closed on Mondays for the holidays.
“Markets rallied over the long weekend, providing a positive tone earlier this week,” ING economists said in a report.
At the start of trading, the FTSE 100 in London rose 0.4% to 7,613.78, while the DAX in Frankfurt rose 0.7% to 14,564.68. CAC 40 in Paris rose 0.8% to 6,565.13.
On Wall Street futures, the Dow Jones Industrial Average rose 0.7%.
On Friday, S&P increased by 2.5% due to the growth of technology companies.
Investors were relieved after data from the Department of Commerce showed that U.S. inflation, which forced the Federal Reserve to raise interest rates, slowed to 6.3% from a year earlier in April, the first decline in 17 months.
Markets are concerned about whether the Fed can control inflation, which is at its highest level in four decades, without throwing the world’s largest economy into recession.
The US market has been in decline for the past two months due to fears of rising interest rates, which could slow economic activity, as well as the impact of Russia’s war on Ukraine and the slowdown in China’s economy.
Oil prices have risen by almost 60% this year due to fears of supply disruptions from Russia, the world’s second-largest exporter. Prices for wheat rose by about 50% and for corn – by 30%.
The Dow was up 1.8% and the Nasdaq, which is dominated by technology stocks, was up 3.3%.
In Asia, the Shanghai Composite Index rose 0.6% to 3,149.06 after more factories and stores in Beijing and Shanghai were allowed to resume operations.
The Nikkei 225 in Tokyo rose 2.2% to 27,369.43, while the Hang Seng in Hong Kong rose 2.1% to 21,123.93. Kospi in South Korea rose 1.2% to 2,669.66.
The Sydney S&P-ASX 200 was 1.4% higher at 7,286.60.
Indian Sensex added 1.8% to 55,856.06. The markets of New Zealand and Southeast Asia have made a profit.
More factories, shops and other businesses were allowed to reopen this week in Shanghai and the Chinese capital Beijing after authorities announced outbreaks of the disease under control. The Shanghai city government has promised lower rents and taxes, faster approval of construction projects and more subsidies for the purchase of electric vehicles.
In energy markets, U.S. benchmark oil rose 44 cents to $ 115.53 a barrel in electronic trading on the New York Mercantile Exchange. Brent oil, the price base for international oil, rose in price in London by 48 cents to 116.04 dollars per barrel.
The dollar rose to 127.34 yen from Friday’s 127.10 yen. The euro rose to $ 1.0766 from $ 1.0733.
Copyright © 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, written or distributed.