sunny.png
Monday August 2nd, 2021 11:08AM

Global shares up ahead of China holiday, Trump-Biden debate

By The Associated Press
Related Articles
  Contact Editor

TOKYO (AP) — Global shares were mostly higher Monday, ahead of the first U.S. presidential debate and a national holiday in China later in the week.

France's CAC 40 rose 1.7% in early trading to 4,808.95, while Germany's DAX jumped 2.4% to 12,767.33. Britain's FTSE 100 added 1.4% to 5,922.40. U.S. shares were set for gains, with Dow futures advancing 0.9% to 27,293.5. The S&P 500 future was also up 0.9%, at 3,315.62.

China is celebrating its National Day and Mid-Autumn festival on Oct. 1, followed by a weeklong holiday through Oct. 8.

China's statistical bureau reported Sunday that industrial profits rose 19% in August from a year earlier, as the economy recovered from the pandemic downturn.

Regional markets are seeing signs of improvement in economic activity despite the coronavirus pandemic, as businesses strive to achieve a new normal with social distancing and mask-wearing.

Japan’s benchmark Nikkei 225 rose 1.3% to finish at 23,511.62, while South Korea’s Kospi added 1.3% to 2,308.08. Australia’s S&P/ASX 200 lost earlier gains to slip 0.2% to 5,952.30. Hong Kong’s Hang Seng index rose 1.2% to 23,503.66, while the Shanghai Composite index inched less than 0.1% lower to 3,217.53.

Investors are hoping for additional fiscal stimulus measures from the U.S. House Speaker Nancy Pelosi has said she hopes to find common ground for agreement with Treasury Secretary Stephen Mnuchin after the $2.4 trillion package under discussion failed to bridge the divide.

The chamber passed a $3.4 trillion rescue measure in May. Democrats cut their ambitions back by $1 trillion or so, while Senate Republicans have focused on a much smaller package in the $650 billion to $1 trillion range.

Bridging the overall topline gulf would be tough. Working out hundreds of legislative details just before the November election, amid a feud over filling Justice Ruth Bader Ginsburg’s seat on the Supreme Court could be impossible. But there is pressure on both sides to do something to help the economy and the tens of millions of voters left unemployed thanks to the pandemic.

Also on investors' minds is the first presidential debate, set for Tuesday, between U.S. President Donald Trump and Democratic candidate Joe Biden. It could influence the course of U.S. policies likely to affect share prices across the board.

For the markets, “the challenge is less about who wins and more about how narrow the victory could be, resulting in a contested election and leaving the market in congressional gridlock at a time when government support is critical," Stephen Innes of AxiCorp said in a commentary.

Stocks have been erratic this month, with indexes setting new highs to start the month and then falling sharply as investors worried that values for some of technology giants had risen too high.

In energy trading, U.S. benchmark crude slipped 26 cents to $39.99 a barrel. Brent crude, the international standard, lost 23 cents to $41.69 a barrel.

The U.S. dollar fell to 105.36 Japanese yen from 105.57 yen on Friday. The euro inched down to $1.1627 from $1.1632.

  • Associated Categories: Associated Press (AP), AP Elections, General Presidential Election News, AP Business, AP Elections - Campaigns, AP Business - Economy, AP Business - Financial Markets
© Copyright 2021 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
Global shares up ahead of China holiday, Trump-Biden debate
Global shares are mostly higher ahead of the first U.S. presidential debate and a national holiday in China later in the week
4:33AM ( 25 minutes ago )
Despite virus-related obstacles, baseball reaches postseason
The 2020 baseball season began with Juan Soto testing positive for COVID-19
3:15AM ( 1 hour ago )
Asia shares mixed ahead of China holiday, Trump-Biden debate
Asian shares are mixed ahead of the first U.S. presidential debate and a national holiday in China later in the week
3:07AM ( 1 hour ago )
Associated Press (AP)
Pandemic overwhelms Trump's message in critical N. Carolina
President Donald Trump’s push to inject new dynamics into the final weeks of the 2020 election is being overshadowed by the frightening realities of everyday life in the pandemic
1:41AM ( 3 hours ago )
Trump's tax revelation could tarnish image that fueled rise
The bombshell revelations that President Donald Trump paid just $750 in federal income taxes the year he ran for office and paid no income taxes at all in many others threaten to undercut a pillar of his appeal among blue-collar voters
12:57AM ( 4 hours ago )
NY Times: Trump paid $750 in US income taxes in 2016, 2017
President Donald Trump paid just $750 in federal income taxes the year he ran for president and in his first year in the White House
12:52AM ( 4 hours ago )
AP Elections
Lockdowns are fading, but GOP outrage isn't in campaigns
It's not just Democrats who want voters thinking about the pandemic on Election Day
5:13PM ( 11 hours ago )
Appellate court halts Wisconsin ballot-counting extension
A federal appeals court has temporarily halted a six-day extension for counting absentee ballots in Wisconsin
5:09PM ( 11 hours ago )
Biden to Democrats: Focus on health law, not court expansion
Democratic presidential candidate Joe Biden says the GOP's push for a speedy Supreme Court confirmation is really an effort to overturn the 2010 health care law
4:02PM ( 12 hours ago )
General Presidential Election News
The Latest: India tops 6 million reported coronavirus cases
ndia’s confirmed coronavirus tally has reached 6 million cases, keeping the country second to the United States in number of reported cases since the pandemic began
12:55AM ( 4 hours ago )
Asia Today: Australian hot spot, South Korea hit new lows
Australia’s coronavirus hot spot Victoria state has recorded its lowest number of new infections in more than three months as the nation’s second-largest city, Melbourne, further eased lockdown restrictions
12:26AM ( 4 hours ago )
Huawei CFO case back in Canadian court on Monday
A senior executive for Chinese communications giant Huawei Technologies will be in a Canadian courtroom Monday arguing her extradition to the U.S. should be halted because her rights have been violated
12:04AM ( 4 hours ago )
AP Business
Jill Biden, Doug Emhoff team up in final campaign stretch
Jill Biden and Doug Emhoff have rapidly become two of the Democrat ticket's most prolific surrogates
4:16PM ( 12 hours ago )
Reagan's age, Mitt's binders: Presidential debate highlights
President Donald Trump and Democratic challenger Joe Biden are set to meet next week for their first debate, a highly anticipated event in a highly unusual election year
7:27PM ( 1 day ago )
GOP invests $10M in boosting Trump with Barrett confirmation
The Republican National Committee is putting Amy Coney Barrett’s Supreme Court confirmation fight front and center with voters just weeks before Election Day
5:29PM ( 1 day ago )
AP Elections - Campaigns
Macron 'ashamed' of Lebanon's political leaders amid crisis
French President Emmanuel Macron assailed Hezbollah and the entire Lebanese political class Sunday, and warned of a new civil war
3:06PM ( 13 hours ago )
Asia Today: Melbourne eases lockdown, schools, work resume
Australia’s second-largest city, Melbourne, has further eased lockdown restrictions, allowing most children to return to school from next month and sending more than 125,000 people back to work
1:15AM ( 1 day ago )
Lebanese nominated premier resigns, in blow to Macron plan
Lebanon’s prime minister-designate has resigned amid a political impasse over government formation, nearly a month after he was appointed to the job
8:25AM ( 1 day ago )
AP Business - Economy
Wall Street gains, but S&P 500 still faces 4th weekly loss
U.S. stocks are higher Friday afternoon but the S&P 500 is still heading for a fourth straight week of losses amid Wall Street’s sudden September swoon
3:45PM ( 2 days ago )
Pope to UN: Use COVID crisis to come out better, not worse
Pope Francis is urging world leaders to use the coronavirus emergency as an opportunity to reform the injustices of the global economy and the “perverse logic” of the nuclear deterrence doctrine
12:18PM ( 2 days ago )
Wall Street yo-yos as S&P 500 heads for 4th weekly loss
U.S. stocks are wobbling Friday morning, as the S&P 500 heads for a fourth straight week of losses amid Wall Street’s sudden September swoon
10:38AM ( 2 days ago )
AP Business - Financial Markets
Despite virus-related obstacles, baseball reaches postseason
The 2020 baseball season began with Juan Soto testing positive for COVID-19
3:15AM ( 1 hour ago )
Asia shares mixed ahead of China holiday, Trump-Biden debate
Asian shares are mixed ahead of the first U.S. presidential debate and a national holiday in China later in the week
3:07AM ( 1 hour ago )
Church says Cardinal Pell returning to Vatican in crisis
A church agency says Cardinal George Pell will return to the Vatican soon for the first time since he was cleared of child sex crimes five months ago
2:57AM ( 2 hours ago )
Saudi Arabia: G-20 gathering of world leaders to be virtual
Saudi Arabia, which is presiding over the Group of 20 countries this year, says the upcoming November gathering of world leaders will be held virtually amid the coronavirus pandemic
2:27AM ( 2 hours ago )
The Latest: Dubai to restrict nightlife amid virus increase
Dubai has announced new restrictions on nightlife to curb a rising tide of coronavirus infections
2:25AM ( 2 hours ago )