Global stocks mostly gain on economic data, China hopes
Global stock markets mostly climbed Tuesday, boosted by positive data from major economies and hopes for stimulus in China.
France’s CAC 40 added 0.2 percent to 5,092.19 in early trading and Germany’s DAX edged up 0.1 percent to 12,095.24. But the UK’s FTSE 100 fell 0.1 percent to 6,883.22. U.S. shares were set to drift somewhat lower. S&P 500 futures dipped 0.2 percent to 2,072.10.
Markets are being cheered by positive data from the U.S. and Europe, and are expecting generally favorable company earnings reports as well. A European Commission survey has shown economic sentiment at its highest since July 2011. Consumer spending edged up in the U.S. in February following two straight monthly declines, and consumers’ incomes rose a solid 0.4 percent.
Asian markets mostly rose after China’s decision to ease mortgage rules fuelled hopes for further stimulus measures, but afternoon profit-taking pared a morning rally, with Tokyo and Shanghai ending more than one percent lower.
Sydney added 0.78 percent, or 45.4 points, to 5,891.5 and Seoul put on 0.54 percent, or 10.99 points, to 2,041.03.
But Tokyo — which at one point Tuesday was up almost one percent — slipped 1.05 percent, or 204.41 points, to finish at 19,206.99 as investors booked profits on the last day of the financial year.
However, the market still rose more than 11 percent in the January-March quarter.
Hong Kong’s benchmark Hang Seng Index added 45.77 points, to 24,900.89 on turnover of HK$148.88 billion (US$19.21 billion).
The People’s Bank of China on Monday said it would lower minimum down payments on second homes from 60-70 percent to 40 percent in a bid to boost the troubled sector and give a boost to the slowing economy.
Among Tuesday’s gainers Tencent rose 1.73 percent to HK$147.20, Cathay Pacific added 0.90 percent to HK$17.94 and China Mobile put on 0.70 percent to end at HK$101.20.
However, HSBC lost 0.45 percent to HK$66.65, Hutchison fell 0.65 percent to HK$107.60 and Henderson Land cent to HK$54.45.
In mainland China the benchmark Shanghai Composite Index lost 1.02 percent, or 38.67 points, to 3,747.90 on turnover of 721.3 billion yuan ( US$117.4 billion). The index has surged more than 13 percent in the past three weeks.
The Shenzhen Composite Index, which tracks stocks on China’s second exchange, rose 0.53 percent, or 10.34 points, to 1,958.40 on turnover of 553.7 billion yuan.
Construction firms also fell in Shanghai. China Railway Construction lost 3.38 percent to 18.59 yuan and China Railway Erju eased 3.11 percent to 23.39 yuan.
China Southern Airlines fell 3.53 percent to 7.92 yuan in Shanghai after it reported its 2014 net profit dropped 10.55 percent year-over-year to 1.78 billion yuan.
Gold fetched US$ 1,183.06 against US$1,185.40 late Monday. In other markets: — Bangkok ended up 0.63 percent, or 9.43 points, at 1,505.94.
Bumrungrad Hospital, a popular destination for medical
lost 0.27 per- tourists, jumped 3.40 percent to 152.00 baht while Kasikornbank rose 0.88 percent to 229.00 baht.
— Mumbai fell marginally by 0.07 percent, or 18.37 points, to end at 27,957.49.
Oil & Natural Gas Corporation fell 2.51 percent to 306.80 rupees, while Tata Power gained 3.42 percent to 77.10 rupees.
— Jakarta rose 1.47 percent, or 80.02 points, to 5,518.68.
Indonesian-based automotive business Astra International rose 2.39 percent to 8,575 rupiah, while food processor Indofood Sukses Makmur fell 0.33 percent to 7,450 rupiah.
— Kuala Lumpur gained 0.49 percent, or 8.95 points, to close at 1,830.78.
AMMB Holdings added 0.95 percent to 6.36 ringgit and Tenaga Nasional rose 0.28 percent to 14.36. Telekom Malaysia fell 0.55 percent to 7.27 ringgit.
— Singapore eased 0.21 percent, or 7.25 points, to 3,447.01.
Oil rig maker Keppel Corp was down 0.44 percent to SG$9.00 while Singapore Telecom gained 0.46 percent to SG$4.38.
— Wellington added 0.22 percent, or 12.70 points, to 5,833.98.