A roundup of trading on major world markets:
NEW YORK – US stocks have powered higher, rallying with most global equity markets following a rise in Chinese stocks and improved eurozone economic data.
On Tuesday the Dow Jones Industrial Average gained 390.30 points (2.42 percent) at 16,492.68.
The broad-based S&P 500 jumped 48.19 points (2.51 per cent) to 1,969.41, while the tech-rich Nasdaq Composite Index rose 128.01 points (2.73 per cent) to 4,811.93.
The gains followed a 2.9 per cent rise in China’s volatile Shanghai Index and an upgrade on the reading for eurozone second-quarter economic growth to 0.4 per cent from 0.3 per cent.
The Wall Street advance also helped offset deep losses last week when China fears led to a 3.4 per cent drop in the S&P 500.
“The market was so oversold after last week, we were probably due for a bounce” said Bill Lynch, director of investment at Hinsdale Associates.
LONDON – European stocks have surged higher, buoyed by upwardly revised eurozone economic growth data, joining a rally of US and most Asian markets.
“Eurozone growth in the first and second quarter was better than initially thought,” said analyst Craig Erlam at trading firm Oanda.
“Expectations were for the numbers to remain unchanged so this is likely to be helping to lift sentiment in Europe.”
London’s benchmark FTSE 100 index gained 1.18 per cent to close at 6,146.10 points, while Frankfurt’s DAX 30 climbed 1.61 per cent to 10,271.36 and the Paris CAC 40 rose 1.07 per cent to 4.598.26.
HONG KONG – Shanghai and Hong Kong have led most Asian markets up in another volatile day after Chinese data showed imports and exports sank in August.
It has added to concerns about the economic giant that have convulsed global equities.
But news that Japan’s economy had contracted less than expected was unable to prevent a sharp fall in Tokyo, despite speculation the country’s central bank will likely have to unveil fresh monetary easing measures, which usually supports stocks.
The benchmark Shanghai Composite Index added 2.92 per cent, or 90.03 points, to 3,170.45. The index fell as much as 2.25 per cent at one point and was 3.06 per cent up late afternoon business.
In Hong Kong the Hang Seng Index soared 3.28 per cent, or 675.52 points, to close at 21,259.04, having fallen as much as 1.4 per cent in the morning.
The Nikkei 225 at the Tokyo Stock Exchange lost 433.39 points to finish at 17,427.08.
