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Global stocks higher after Japan manufacturing gauge gains

By The Associated Press
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BEIJING (AP) — Global stocks rose Monday after a survey showed Japan's manufacturing outlook improving.

KEEPING SCORE: France's CAC-40 rose 0.8 percent to 5,164.01 and Germany's DAX added 0.6 percent to 12,402.15. London's FTSE 100 advanced 0.5 percent to 7,346.91. On Friday, the DAX and CAC-40 each lost 0.7 percent while the FTSE 100 slid 0.5 percent. On Wall Street, futures for the Dow Jones industrial average and the Standard & Poor's 500 index were up 0.3 percent.

ASIA'S DAY: The Shanghai Composite Index rose 0.1 percent to 3,195.91 and Tokyo's Nikkei 225 added 0.1 percent to 20,055.80. Hong Kong's Hang Seng was unchanged at 25,776.71 and Sydney's S&P-ASX 200 shed 0.6 percent to 5,684.50. Seoul's Kospi added 0.1 percent to 2,394.48 and India's Sensex gained 0.8 percent to 31,167.18. Benchmarks in Taiwan, Bangkok and Manila gained while New Zealand and Singapore fell.

JAPANESE MANUFACTURING: The central bank's Tankan survey of large manufacturers found they believe business conditions are improving and plan to increase investment as export demand recovers. A separate survey of factory purchasing managers also indicated the outlook improved in June for the 10th straight month. Stronger demand from China and other Asian markets is driving a recovery but forecasts suggest conditions will deteriorate.

TOKYO ELECTIONS: Abe's Liberal Democratic Party lost control of the Tokyo metropolitan assembly, winning only 23 of 127 seats in weekend elections. Tokyo Gov. Yuriko Koike's Tokyoites First Party won 49 seats and its allies an additional 20. The voting was seen as a barometer of national politics following a string of scandals and could hamper Abe's plans to stay in office through 2020.

ANALYST'S TAKE: "Asian markets are set for a mixed start to the week with early movers clocking next to neutral changes from the lack of strong leads," said Jingyi Pan of IG in a report. The Tankan "yielded surprisingly positive results," said Pan. "Both large manufacturer's index and outlook had surprised on the upside and certainly helped to counter some of the pressure from a stronger JPY and concerns over the election results over the weekend."

WALL STREET: Wall Street ended the second quarter with slight gains. Industrial stocks and consumer-focused companies led the gainers. Energy stocks rose as crude oil prices closed higher for a seventh day. Utilities, technology and health care companies were among the biggest decliners. The Standard & Poor's 500 index gained 0.2 percent to 2,423.41. The Dow Jones industrial average rose 0.3 percent to 21,349.63. The Nasdaq lost 0.1 percent to 6,140.42.

KOREAN EXPORTS: Exports in June rose but the gains were overshadowed by President Donald Trump's demand to renegotiate a 2012 trade agreement. Exports increased by 13.7 percent over a year earlier, driven by sales of electronics and ships. Growth was faster than May but below forecasts. The trade surplus widened to $11.4 billion. Korean analysts warn, however, that the trade outlook is clouded by Trump's demand Friday during a visit to Washington by his Korean counterpart, Moon Jae-in, for changes to a trade agreement that he said would be aimed at narrowing the U.S. trade deficit with South Korea.

ENERGY: Benchmark U.S. crude gained 4 cents to $46.08 per barrel in electronic trading on the New York Mercantile Exchange. The contract soared $1.11 on Friday to close at $46.04. Brent crude, used to price international oils, fell 3 cents to $48.74 in London. It jumped $1.14 the previous session.

CURRENCY: The dollar rose to 112.89 yen from Friday's 112.34 yen. The euro declined to $1.1381 from $1.1427.

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