Stocks re­cover

Malta Independent - - Financial -

Stocks staged a broad re­cov­ery on Fri­day as strong trade data from China buoyed mar­kets at the end of a tu­mul­tuous week. The dollar stead­ied as Trea­sury yields ticked higher.

The Stoxx Europe 600 in­dex gained for the first time in three days, though still headed for its worst week since Fe­bru­ary, led by min­ers as most in­dus­trial met­als gained. U.S. eq­uity-in­dex fu­tures also climbed, sug­gest­ing the S&P 500 may snap its six-day los­ing streak when Amer­i­can mar­kets open. The MSCI Asia Pa­cific In­dex rose from the low­est level since May 2017, with shares in Hong Kong and South Korea lead­ing the way. The yuan re­treated fol­low­ing a Bloomberg re­port that U.S. Trea­sury staff con­cluded China isn’t ma­nip­u­lat­ing its ex­change rate.

China trade data showed ex­ports re­bounded, while im­ports re­mained ro­bust, thanks to strong de­mand at home and abroad de­spite wors­en­ing re­la­tions with the U.S. That eased some con­cern about the im­pact of the trade war, which had con­trib­uted to the worst eq­uity sell­off since Fe­bru­ary amid wor­ries about the Fed­eral Re­serve’s pol­icy path.

The Stoxx Europe 600 In­dex jumped 0.7 per­cent as of 10:45 a.m. Lon­don time, the big­gest climb in more than three weeks. Fu­tures on the S&P 500 In­dex jumped 0.9 per­cent, the largest in­crease in 14 weeks. The MSCI All-Coun­try World In­dex gained 0.4 per­cent. The U.K.’s FTSE 100 In­dex rose 0.9 per­cent. Ger­many’s DAX In­dex in­creased 0.7 per­cent. The MSCI Emerg­ing Mar­ket In­dex surged 2.2 per­cent, the first ad­vance in more than a week and the largest in more than two years.

West Texas In­ter­me­di­ate crude gained 1 per­cent to $71.67 a bar­rel, the largest rise in more than a week. Gold de­creased 0.4 per­cent to $1,219.64 an ounce. Cop­per in­creased 0.7 per­cent to $2.82 a pound, the high­est in more than a week.

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