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Friday November 17th, 2017 6:18PM

Global stocks rise after Wall Street gain, Saudi turmoil

By The Associated Press
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BEIJING (AP) — Global stocks rose Tuesday after Wall Street posted modest gains on deal reports and oil prices rose for a second day following turmoil in Saudi Arabia.

KEEPING SCORE: In early trading, France's CAC 40 rose 0.3 percent to 5,523.22 and London's FTSE 100 advanced 0.1 percent to 7,571.24. Germany's DAX was little changed at 13,468.79. On Monday, the CAC 40 lost 0.2 percent and the DAX retreated 0.1 percent while the FTSE 100 eked out a small gain. On Wall Street, the future for the Dow Jones industrial average rose 0.2 percent while that for the Standard & Poor's 500 index gained 0.1 percent. The previous session, the S&P gained 0.1 percent, the Dow added less than 0.1 percent and the Nasdaq composite gained 0.3 percent.

ASIA'S DAY: Tokyo's Nikkei 225 jumped 1.7 percent to 22,937.60 and the Shanghai Composite Index rose 0.7 percent to 3,413.57. Hong Kong's Hang Seng advanced 1.3 percent to 28,983.62 and Sydney's S&P-ASX 200 added 1 percent to 6,014.30. Seoul's Kospi lost 0.2 percent to 2,545.44 and India's Sensex shed 0.6 percent to 33,536.89. Benchmarks in Taiwan, Singapore and Jakarta rose while New Zealand and Manila declined.

WALL STREET: Chipmakers surged after Broadcom offered to buy competitor Qualcomm for $103 billion, which if completed would be the largest tech acquisition ever. Reports that Sprint's owner, Japanese conglomerate SoftBank, might buy cable company Charter hammered shares of telecom giants AT&T and Verizon, which might face tougher competition. Sellers of household goods slumped on weak quarterly results from CVS Health and food distributor Sysco. Twenty-First Century Fox and Disney both climbed after a report Disney might buy Fox assets.

SAUDI TURMOIL: A wave of arrests of princes and other officials in what the Saudi leadership says is an anti-corruption crackdown sent shockwaves through global oil markets, pushing prices to two-year highs. Saudi Arabia is the world's largest exporter of oil. Energy companies jumped and drilling companies made some of the biggest gains. Skeptics of the sweep say it targets potential rivals or possible critics of Crown Prince Mohammed bin Salman, who heads the anti-corruption committee that was formed Saturday shortly before the arrests.

ANALYST'S TAKE: "The Saudi corruption purge is boosting crude oil prices. But while this may sound like bad news from an economic perspective, it may actually be good news for Asia," said Rob Carnell of IG in a report. "The current rise means the Middle East will hopefully be buying more of what is made in this part of the world, and provide a boost to what is otherwise a rather narrow semiconductor-driven export rise."

TRUMP WATCH: U.S. President Donald Trump, in Seoul in the midst of a 12-day Asian tour, said efforts to curb North Korea's nuclear weapons program would be "front and center" in his visit. He projected optimism that rising tensions could be abated peacefully. South Korean police mobilized 15,000 officers for rallies due to be held by Trump's critics and supporters. Many South Koreans are concerned that Trump's fiery rhetoric on North Korea is raising the threat of war.

ENERGY: Benchmark U.S. crude gained 1 cent to $57.36 per barrel in electronic trading on the New York Mercantile Exchange. The contract surged $1.70 on Monday to close at $57.35. Brent crude, used to price international oils, rose 12 cents to $64.21 in London. It soared $2.20 the previous session to $64.27.

CURRENCY: The dollar climbed to 114.14 yen from Monday's 113.71. The euro declined to $1.1593 from $1.1612.

  • Associated Categories: Associated Press (AP), AP Business, AP Business - Economy, AP Business - Financial Markets, AP Business - Industries, AP Business - Utilities
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