Stocks open higher after solid economic, earnings reports

3 months ago 27
PR Distribution

Copyright 2021 The Associated Press. All rights reserved.

A currency trader watches monitors successful beforehand of screens showing Korea Composite Stock Price Index (KOSPI), left, and overseas speech complaint astatine the overseas speech dealing country of the KEB Hana Bank office successful Seoul, South Korea, Thursday, July 29, 2021. Asian stocks mostly roseate Thursday aft the Federal Reserve kept its accommodative monetary policies and signaled that economical betterment was connected track. (AP Photo/Ahn Young-joon)

Stocks are opening higher connected Wall Street pursuing coagulated reports connected economical maturation and better-than-expected results from respective large companies. The S&P 500 roseate 0.5% successful the aboriginal going Thursday. The Commerce Department reported that the U.S. system grew astatine a 6.5% yearly complaint past quarter, the latest motion that the betterment is connected a coagulated footing. The Labor Department besides reported that first-time claims for unemployment benefits fell past week. Ford roseate 6% aft reporting a astonishment profit, and chipmaker Qualcomm was up 5% aft reporting results that bushed analysts’ expectations. The output connected the 10-year Treasury enactment held dependable astatine 1.26%.

THIS IS A BREAKING NEWS UPDATE. AP’s earlier communicative follows below.

Global banal markets were higher Thursday connected expectations of affirmative economical information from the U.S.

Analysts expect the beforehand information to amusement the world's largest system increasing astatine an 8.5% yearly gait successful the 2nd quarter.

Ad

That follows the Federal Reserve's determination to support its accommodative monetary policies intact, portion signaling Wednesday that the U.S. economical betterment was connected track.

France’s CAC 40 added 0.7% to 6,657.53 and Germany’s DAX gained 0.2% to 15,597.87. Britain’s FTSE 100 roseate 0.7% to 7,066.91.

U.S. markets were acceptable for a muted opening. The aboriginal for the S&P 500 roseate 0.2% to 4,400.25, portion that for the Dow industrials climbed 0.4% to 34,955.00.

The forecasts for 2nd 4th U.S. growth, portion “mightily impressive" are “quite backward-looking, fixed it is astir August and volition suffer immoderate of its zeal,” Jeffrey Halley of Oanda said successful a report.

Gains were seen crossed Asia. Chinese exertion giants led the mode arsenic authorities moved to soothe jitters implicit stricter anti-monopoly and information information enforcement of the industry.

Tokyo's Nikkei 225 gained 0.7% to 27,782.42, portion the Kospi successful South Korea precocious 0.2% to 3,242.65. The Hang Seng successful Hong Kong jumped 3.3% to 26,315.32.

Ad

The Shanghai Composite Index rebounded 1.5% to 3,411.72 aft 3 days of declines. Sydney's S&P-ASX 200 added 0.5% to 7,417.40. Southeast Asian markets rose.

Games and societal media elephantine Tencent Holding Ltd. surged 10% successful Hong Kong. Internet hunt elephantine Baidu Inc. was up 7.5% successful the territory, portion e-commerce elephantine Alibaba Group gained 7.7%.

Chinese Internet shares slid earlier this week connected reports that Beijing was considering restrictions connected for-profit acquisition ventures.

The China Securities and Regulatory Commission's gathering with apical concern bankers connected Wednesday nighttime “appears to person calmed the astir frazzled of nerves,” said Venkateswaran Lavanya of Mizuho Bank.

“But this does not enactment wider Chinese regulatory risks to bed. For one, claims of a targeted clampdown connected the $100 cardinal backstage tuition manufacture does not address, surely not denounce, ongoing regulatory tightening successful tech and property,” she said.

Ad

Meanwhile, investors are awaiting a quarterly net study from Amazon. While the institution is expected to outperform, an denotation of slowing aboriginal income maturation could dampen sentiments.

In vigor markets, benchmark U.S. crude roseate 45 cents to $72.84 per tube successful physics trading connected the New York Mercantile Exchange. It picked up 74 cents to $72.39 connected Wednesday. Brent crude oil, the ground for planetary lipid prices, added 36 cents to $74.23.

The dollar slid to 109.83 Japanese yen from 109.91 yen connected Thursday. The euro precocious to $1.1873 from $1.1847.

Copyright 2021 The Associated Press. All rights reserved. This worldly whitethorn not beryllium published, broadcast, rewritten oregon redistributed without permission.


Read Entire Article