Global Stocks Higher Thursday
SEOUL, South Korea (AP) -- Global shares rose Thursday while oil prices were steady. Analysts said that despite the rebound it was too early to say risk sentiment was back. Apart from persisting worries over prospects for a U.S. tax overhaul and doubts over the pace of rate hikes by the Federal Reserve, market-moving news was scarce.
KEEPING SCORE: Britain's FTSE 100 opened nearly unchanged at 7,369.96. France's CAC 40 rose 0.5 percent to 5,325.55 and Germany's DAX gained 0.5 percent to 13,045.32. Futures augured modest gains on Wall Street. S&P futures rose 0.3 percent while Dow futures added 0.2 percent.
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ASIA'S DAY: Japan led the region higher with its benchmark Nikkei 225 jumping 1.5 percent to 22,351.12 and snapping a six-session losing streak. South Korea's Kospi advanced 0.7 percent to 2,534.79. Hong Kong's Hang Seng index gained 0.6 percent to 29,018.76. Australia's S&P/ASX 200 added 0.2 percent to 5,943.50, while China's Shanghai Composite Index slipped 0.1 percent to 3,399.25. Stocks in Southeast Asia were mostly higher.
ANALYST'S VIEW: While the Federal Reserve's rate hike in December is "a done deal," Rob Carnell, head of research, Asia, at ING, said in a daily commentary that the latest share price declines and lower commodity prices "raise worries about growth and the pace of tightening in 2018."
FED WATCH: Analysts said strong U.S. retail sales data and consumer prices released Wednesday gave a green light to the Fed to raise rates next month. U.S. retail sales rose 0.2 percent in October, a healthy rate, and consumer prices rose 0.1 percent last month.
OIL: Benchmark U.S. crude was flat at $55.33 per barrel in electronic trading on the New York Mercantile Exchange. It fell 37 cents, or 0.7 percent, to settle at $55.33 per barrel on Wednesday. Brent crude, used to price international oils, gained 9 cents to $61.96 per barrel in London. It lost 34 cents, or 0.5 percent, to close at $61.87 a barrel on Wednesday.
CURRENCIES: The dollar rose to 113.20 yen from 112.84 yen while the euro sank to $1.1773 from $1.1790.
(BE)