US stocks bol­stered by pos­i­tive data

The China Post - - MARKETS -

Asian mar­kets mostly fell Tues­day, with Tokyo de­clin­ing af­ter a 12-day rally, while in Europe Greece’s cred­i­tors held im­promptu talks aimed at re­solv­ing the coun­try’s months-long debt cri­sis.

Stocks in the states rose on Mon­day af­ter the re­lease of some en­cour­ag­ing eco­nomic data and news of a big ac­qui­si­tion in the semi­con­duc­tor in­dus­try.

The gains were mod­est, but broad. Eight of the 10 in­dus­try sec­tors in the Stan­dard and Poor’s 500 in­dex ended higher, led by industrial stocks with a gain of 0.4 per­cent.

The S&P 500 rose 4.34 points, or 0.2 per­cent, to 2,111.73. The Dow Jones industrial av­er­age rose 29.69 points, or 0.2 per­cent, to 18,040.37. The Nas­daq com­pos­ite climbed 12.90 points, or 0.3 per­cent, to 5,082.93.

In eco­nomic news, U.S. man­u­fac­tur­ing growth ac­cel­er­ated in May for the first time in six months, pro­pelled by more new or­ders and an in­crease in hir­ing, ac­cord­ing to the In­sti­tute for Sup­ply Man­age­ment, a trade group. A sep­a­rate re­port showed con­struc­tion spend­ing climbed in April to the high­est level in more than six years.

In­vestors are anx­ious about U.S. growth fol­low­ing a se­ries of weak data, capped by news Fri­day that the econ­omy shrank in the first three months of the year. They’ll have a bet­ter sense of the growth out­look later this week af­ter sev­eral other eco­nomic re­ports are re­leased, cul­mi­nat­ing Fri­day with one on hir­ing in May.

In­vestors are also anx­ious about when the Fed­eral Re­serve will raise short-term in­ter­est rates. It has held them near zero since for more than six years to en­cour­age bor­row­ing and spend­ing.

In Europe, ten­sions re­main high as Greece inches closer to a Fri­day dead­line to make a debt pay­ment to the In­ter­na­tional Mon- etary Fund. Greece is strug­gling to con­vince the IMF and cred­i­tors in Europe that it has a re­form strat­egy in place so it can get ac­cess to more bailout cash.

Ger­many’s DAX rose 0.2 per­cent while the CAC-40 in France gained 0.4 per­cent. Bri­tain’s FTSE 100 fell 0.4 per­cent.

Asian mar­kets mostly fell Tues­day, with Tokyo de­clin­ing af­ter a 12-day rally, while in Europe Greece’s cred­i­tors held im­promptu talks aimed at re­solv­ing the coun­try’s months-long debt cri­sis.

How­ever, main­land Chi­nese shares had ad­vanced more than one per­cent in the af­ter­noon, adding to the pre­vi­ous day’s surge and al­most eras­ing a near-seven per­cent slump over Thurs­day and Fri­day.

Tokyo eased 0.13 per­cent, or 26.68 points, to 20,543.19, end­ing the Nikkei’s best win­ning streak since a 13-day run in 1988 at the height of Ja­pan’s stock mar­ket bub­ble.

Shang­hai gained 1.69 per­cent, or 81.79 points, to 4,910.53 adding to the near-five per­cent rise Mon­day.

But Hong Kong shed 0.47 per­cent, or 130.44 points, to close at 27,466.72 while Syd­ney plunged 1.73 per­cent, or 99.4 points, to 5,636.0 and Seoul fell 1.13 per­cent, or 23.73 points, to 2,078.64.

Gold fetched US$1,187.15 com­pared with US$1,185.80 late Mon­day. In other mar­kets: — Welling­ton rose 0.32 per­cent, or 18.79 points, to 5,863.74.

Xero was up 0.49 per­cent at NZ$20.60 and Ware­house Group climbed 0.69 per­cent to NZ$2.90.

— Manila fell 1.54 per­cent, or 118.41 points, to 7,551.96.

Ayala Land dropped 1.86 per­cent to 39.55 pe­sos, Uni­ver­sal Robina was down 3.72 per­cent at 191.50 pe­sos, and GT Cap­i­tal Hold­ings sank 2.17 per­cent to 1,350 pe­sos.

— Kuala Lumpur lost 0.12 per- cent, or 2.04 points, to 1,741.37.

Bri­tish Amer­i­can Tobacco fell 0.43 per­cent to 60.64 ring­git, Nestle lost 0.42 per­cent to 71.00 ring­git while AMMB Hold­ings added 0.48 per­cent to 6.33 ring­git.

— Sin­ga­pore fell 1.51 per­cent, or 51.36 points, to 3,340.75.

Sin­ga­pore Tele­com de­clined 3.63 per­cent to SG$ 3.98 and DBS Bank fell 2.22 per­cent to SG$19.85.

— Mumbai dropped 2.37 per­cent, or 660.61 points, to end at 27,188.38.

State Bank of In­dia fell 4.28 per­cent to 266.25 ru­pees, while tele­com ma­jor Bharti Air­tel rose 0.40 per­cent to 417.95 ru­pees.

— Bangkok lost 1.28 per­cent, or 19.18 points, to 1,476.87.

Coal pro­ducer Banpu fell 2.83 per­cent to 25.75 baht while Air­ports of Thai­land rose 1.34 per­cent to 302.00 baht.

— Jakarta was closed for a public hol­i­day.

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