cloudy.png
Sunday October 25th, 2020 3:20PM

Global stock markets mostly higher after Wall Street surge

By The Associated Press
Related Articles
  Contact Editor

Most major stock markets and U.S. futures rose Thursday after Wall Street surged to its biggest daily gain since July despite uncertainty about the global outlook.

London, Frankfurt and Tokyo advanced while Shanghai declined.

Investors have been encouraged by central bank infusions of credit into struggling economies and hopes for a vaccine to end the coronavirus pandemic that has plunged the world into its deepest slump since the 1930s. Forecasters warn the stock market recovery might be running too far ahead of economic activity as the United States and some other countries reimpose anti-virus controls that hamper business.

“The irony of market exuberance is rich,” said Mizuho Bank in a report. “Record highs on Wall St. make a mockery of policymakers grasping for recourse to the worst downturn in decades.”

In early trading, the FTSE 100 in London gained 0.7% to 5,981.93 and the DAX in Frankfurt added 1.4% to 13,428.33. The CAC 40 in France added 1.6% to 5,112.38.

On Wall Street, the future for the benchmark S&P 500 index was up less than 0.1% while that for the Dow Jones Industrial Average gained 0.2%.

On Thursday, the S&P 500 rose 1.5%. The index is up 10.8% this year following a five-month streak of gains. The Dow Jones Industrial Average gained 1.6%.

The Nasdaq composite added 1% to 12,056.44. The tech-heavy Nasdaq is up 34.4%, driven by gains for Apple and other technology giants that investors believe are safe bets as the public spends more time on internet-connected devices.

In Asia, the Shanghai Composite Index opened higher but retreated to close down 0.6% at 3,384.98. The Nikke 225 in Tokyo gained 0.9% to 23,465.53. The Hang Seng in Hong Kong lost o.5% to 25,001.30.

The Kospi in Seoul advanced 1.3% to 2,395.90 and Sydney's S&P-ASX 200 was up 0.8% at 6,112.60. India's Sensex was unchanged at 39,092.05. New Zealand and Bangkok gained while Singapore and Jakarta retreated.

U.S. stocks have gained despite lack of agreement in Congress on a new economic aid package with additional unemployment benefits to support consumer spending.

A report by payroll processor ADP, widely watched as a forerunner of government employment data due out Friday, showed the private sector added 428,000 jobs in August, less than half the 1 million expected by forecasters.

Analysts said that could be a warning sign the job market is cooling after some U.S. states reimposed anti-virus controls and the expiration of supplemental unemployment benefits cut into consumer spending.

"Bullish stock market sentiment seems to be nearing a tentative peak as the labor market recovery stalls," said Edward Moya of Oanda in a report.

Also Wednesday, the U.S. Federal Reserve said its August survey of businesses found enduring uncertainty over the pandemic and the harm it causes to consumer and business activity.

Health care and communications stocks also helped to drive Wednesday's rally.

Benchmark U.S. crude oil for October delivery lost 36 cents to $41.15 per barrel in electronic trading on the New York Mercantile Exchange. The contract slid $1.25 on Wednesday. Brent crude, the basis for pricing international oils, declined 48 cents to $43.95 per barrel in London. It dropped $1.15 the previous session to $44.43 a barrel.

The dollar rose to 106.24 yen from 106.16 yen on Wednesday. The euro declined to $1.1816 from $1.1855.

  • Associated Categories: Associated Press (AP), AP Business, AP Business - Economy, AP Business - Financial Markets
© Copyright 2020 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
Global stock markets mostly higher after Wall Street surge
Global stock markets are mostly higher after Wall Street surged to its biggest daily gain since July despite uncertainty about the global economic outlook
4:25AM ( 4 minutes ago )
The Latest: UK working on 20-minute coronavirus test
The British government says it is investing in a coronavirus test that gives results in as little as 20 minutes, as critics say tests for the virus are being rationed because the system can’t cope with demand
4:20AM ( 9 minutes ago )
The Latest: Sanofi, GlaxoSmithKline in vaccine human trials
Sanofi and GlaxoSmithKline say they are beginning human trials of a potential vaccine for COVID-19 after positive results from preclinical testing
3:54AM ( 35 minutes ago )
Associated Press (AP)
Tom Seaver, heart and mighty arm of Miracle Mets, dies at 75
Hall of Fame pitcher and New York Mets icon Tom Seaver has died at 75
1:54AM ( 2 hours ago )
Asian stock markets mixed after Wall Street surge
Asian stock markets are mixed after Wall Street surged to its biggest daily gain since July despite uncertainty about the global economic outlook
1:37AM ( 2 hours ago )
Experts: Cohen may profit from criminal exploits in tell-all
Legal experts say so-called Son of Sam laws won't prevent former Donald Trump attorney Michael Cohen from cashing in on his criminal exploits in a new memoir
1:06AM ( 3 hours ago )
AP Business
Fed survey finds widespread pessimism about economic future
The latest Federal Reserve survey of U
5:39PM ( 10 hours ago )
Michael Jordan gets stake in DraftKings for advisory role
DraftKings has had a big bounce on Wall Street on news that basketball legend Michael Jordan is taking an ownership stake in the sports betting site
5:26PM ( 11 hours ago )
Macy's posts $431 million loss as sales drop 36%
Macy’s got more people to shop on its website and app, but it wasn’t enough to make up for plummeting sales inside its department stores
1:36PM ( 14 hours ago )
AP Business - Economy
US stocks open higher as a technology-driven rally chugs on
Stocks are opening higher as Wall Street's tech-driven rally continues to notch gains
9:43AM ( 18 hours ago )
Global shares mostly higher, cheered by US economic data
Global shares are mostly higher as investors were encouraged by positive U.S. economic data, even while the coronavirus pandemic has regions around the world battling recessions
5:27AM ( 23 hours ago )
Tunisian prime minister wins confidence vote amid crisis
Tunisian lawmakers approved Hichem Mechichi as new prime minister after pressing him for 11 hours over how he will bring the country out of economic and social crisis
3:25AM ( 1 day ago )
AP Business - Financial Markets
The Latest: UK working on 20-minute coronavirus test
The British government says it is investing in a coronavirus test that gives results in as little as 20 minutes, as critics say tests for the virus are being rationed because the system can’t cope with demand
4:20AM ( 10 minutes ago )
The Latest: Sanofi, GlaxoSmithKline in vaccine human trials
Sanofi and GlaxoSmithKline say they are beginning human trials of a potential vaccine for COVID-19 after positive results from preclinical testing
3:54AM ( 35 minutes ago )
The Latest: Turkey expands social restrictions nationwide
Turkey is expanding restrictions imposed on social gatherings such as wedding and engagement parties and henna nights in more than a dozen provinces to the entire country
3:45AM ( 44 minutes ago )
The Latest: Czech Rep registers biggest 1-day spike of 650
The Czech Republic has registered the biggest day-to-day increase in the new confirmed cases of COVID-19
3:40AM ( 50 minutes ago )
Can I get the coronavirus twice?
Can I get the coronavirus twice
3:04AM ( 1 hour ago )