fair.png
Wednesday August 10th, 2022 9:23AM

Global shares' rise broadly cheered by US earnings, rally

By The Associated Press
Related Articles
  Contact Editor

TOKYO (AP) — Global shares gained Friday as investors cheered a strong set of earnings from retailers that has sent U.S. shares higher.

European shares rose in early trading, while benchmarks in Asia finished higher, including Japan, China, Australia and South Korea.

France's CAC 40 added 0.8% in early trading to 6,460.20. Germany's DAX rose 0.6% to 14,319.07. Britain's FTSE 100 was little changed, but slightly higher, at 7,567.34. U.S. shares were set to drift higher with Dow futures up nearly 0.1% at 32,626.00. S&P 500 futures gained 0.2% at 4,065.50.

“Improved risk sentiments in Wall Street, along with earnings outperformance from Alibaba and Baidu, may aid to fuel some upside for the Asia region into today’s session,” said Yeap Jun Rong, market strategist at IG in Singapore.

Shares of Alibaba and Baidu surged after they reported better than expected results, easing some concerns about the negative impact from restrictions to curb COVID-19 infections. Both shares continued to rise.

Gauging Japan's economic path will be on investors' minds as data on manufacturing, housing and employment for April are set to be released next week. Some analysts expect the numbers to be dim because of a slowdown in exports to China during that period.

But some optimism is also in the air, with Tokyo's restrictions on tourists easing and the daily cap raising from 10,000 incoming people to 20,000 starting June 10. The Japanese government, led by Prime Minister Fumio Kishida, is also set to push ahead in parliamentary discussions with a supplementary budget, another possible plus for investors.

Japan's benchmark Nikkei 225 added 0.7% to finish at 26,781.68. Australia's S&P/ASX 200 surged 1.1% to 7,182.70. South Korea's Kospi jumped 1.0% to 2,638.05. Hong Kong's Hang Seng surged 2.9% to 20,697.36, while the Shanghai Composite edged up 0.2% to 3,130.24.

Moody’s Investors Service lowered the 2022 growth projections for G-20 economies to 3.1% in 2022, down from 5.9% growth in 2021. The latest forecast is half a percentage point lower than the 3.6% growth estimated in March. Slowing economic activity in China from the nation's “zero COVID” policy is dampening growth, Moody's said.

The U.S. retail sector is being closely watched by investors looking for more details on just how much pain inflation is inflicting on companies and consumers. Inflation is at a four-decade high and businesses have been raising prices on everything from food to clothing to offset higher costs.

The impact from Russia’s invasion of Ukraine worsened inflation pressures by fueling higher energy and key food commodity costs. Supply chain problems worsened in the wake of China’s lockdown for several major cities as it tried to contain COVID-19 cases.

Consumers have been resilient about spending, but the pressure from inflation remains persistent and could be prompting a pullback or shift in spending from more expensive things to necessities.

In energy trading, U.S. benchmark crude added 33 cents to $114.42 a barrel. U.S. crude oil prices rose 3.4% Thursday, and are up more than 55% for the year. Brent crude, the international standard, rose 67 cents to $118.07 a barrel.

In currency trading, the U.S. dollar inched down to 127.00 Japanese yen from 127.10 yen. The euro cost $1.0732, little changed from $1.0733.

___

AP business writers Damian J. Troise and Alex Veiga contributed.

  • Associated Categories: Associated Press (AP), AP Business, AP Business - Economy, AP Business - Financial Markets, AP Business - Industries, AP Business - Utilities
© Copyright 2022 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
Senators talk expanded gun background checks, red flag laws
A bipartisan group of senators is considering how Congress should respond to the horrific shooting of 19 schoolchildren and two teachers in Uvalde, Texas
5:41AM ( 17 minutes ago )
US, Germany to boost cooperation on shift to clean energy
The United States and Germany have signed an agreement to deepen their cooperation on shifting from fossil fuels to renewable energy in an effort to rein in climate change
5:32AM ( 26 minutes ago )
3 more funerals for Buffalo victims in week of goodbyes
A week filled with goodbyes continues for family and friends of victims of the racist attack on a Buffalo supermarket
5:28AM ( 30 minutes ago )
Associated Press (AP)
New law puts NHL great Konstantinov's 24/7 care in jeopardy
Former Detroit Red Wings star Vladimir Konstantinov is in danger of losing the round-the-clock medical care he has had since he nearly died in a 1997 limousine crash while celebrating the team's championship
3:21AM ( 2 hours ago )
China's FM visits Kiribati, where fishing ground is at stake
China’s foreign minister is visiting the remote Pacific nation of Kiribati, where the future of a vast fishing ground is at stake
3:17AM ( 2 hours ago )
Asian shares' rise broadly cheered by US earnings, rally
Asian shares are gaining as investors cheered a strong set of earnings from retailers that sent U.S. shares higher
2:37AM ( 3 hours ago )
AP Business
Live updates | Mayor: Some 1,500 killed in Sievierodonetsk
The mayor of Sievierodonetsk says the Ukrainian city is holding out, although a Russian reconnaissance and sabotage group went into a city hotel
10:29PM ( 7 hours ago )
Macy's raises annual profit outlook on strong Q1 results
Shoppers’ return to occasion dressing helped to power Macy’s fiscal first-quarter results
6:20PM ( 11 hours ago )
AP Business - Economy
UK touts help for energy bills; seeks to forget 'partygate'
Britain's Conservative government has unveiled a $19 billion package to ease a severe cost-of-living squeeze
10:57AM ( 19 hours ago )
Stocks open higher on gains from retailers including Macy's
Stocks are opening solidly in the green on Wall Street as investors applaud a strong set of quarterly results from Macy's and other retailers
9:50AM ( 20 hours ago )
UK govt touts financial aid as it aims to banish 'partygate'
The British government is unveiling a package of help on Thursday to ease a severe cost-of-living squeeze
7:19AM ( 22 hours ago )
AP Business - Financial Markets
China FM visits Kiribati where fishing ground is at stake
China’s foreign minister is visiting the remote Pacific nation of Kiribati, where the future of a vast fishing ground is at stake
10:09PM ( 7 hours ago )
Lease terms for California offshore wind projects released
The Biden administration is advancing plans for offshore wind projects that would place hundreds of turbines in California's coastal waters
6:45PM ( 11 hours ago )
Germany: G-7 nations can lead the way on ending coal use
Germany’s energy and climate minister says the Group of Seven wealthy nations can lead the way on ending the use of coal
3:51PM ( 14 hours ago )
AP Business - Industries
Davos updates | VW: Supply chain woes ease; orders backed up
Executives with German automaker Volkswagen say at the World Economic Forum meeting in Davos that supply chain problems exacerbated by the Russia-Ukraine war are easing but they’re dealing with a huge backlog of orders
2:00PM ( 1 day ago )
Davos updates | WTO chief speaks on climate, food crisis
The head of the World Trade Organization said that leaders in developed nations will need to “have the courage” to reduce dependency on fossil fuels
1:35PM ( 1 day ago )
Davos updates | Gore calls for gun control after US shooting
Former U.S. Vice President Al Gore is calling for stronger gun legislation in the wake of the mass shooting in Texas that killed 21 people, mostly children
1:06PM ( 1 day ago )
AP Business - Utilities
Senators talk expanded gun background checks, red flag laws
A bipartisan group of senators is considering how Congress should respond to the horrific shooting of 19 schoolchildren and two teachers in Uvalde, Texas
5:41AM ( 19 minutes ago )
US, Germany to boost cooperation on shift to clean energy
The United States and Germany have signed an agreement to deepen their cooperation on shifting from fossil fuels to renewable energy in an effort to rein in climate change
5:32AM ( 28 minutes ago )
3 more funerals for Buffalo victims in week of goodbyes
A week filled with goodbyes continues for family and friends of victims of the racist attack on a Buffalo supermarket
5:28AM ( 31 minutes ago )
Shooter warning signs get lost in sea of social media posts
The 18-year-old man who slaughtered 19 children and two teachers in Texas left a digital trail that hinted at what was to come
5:27AM ( 32 minutes ago )
NRA opens gun convention in Texas after school massacre
The National Rifle Association is beginning its annual convention in Houston
5:21AM ( 39 minutes ago )