Business and Economy
Global shares advance as investors’ jitters ease
The Tokyo benchmark ended the day just 2.7 per cent below where it started 2018 (Shutterstock photo)
SEOUL, Korea, Republic Of — Shares were higher in Europe and Asia on Monday following last week’s gains on Wall Street. Investors’ jitters appear to be subsiding after recent wild swings, eased by strong corporate earnings and other indicators. Many major markets were closed for lunar new year holidays.
KEEPING SCORE: Germany’s DAX added 0.4 per cent to 12,502.65 while the CAC 40 of France rose 0.2 per cent to 5,291.07. Britain’s FTSE edged 0.1 per cent higher to 7,298.92. Standard & Poor’s 500 futures gained 0.3 per cent to 2,743.20 while Dow futures were also up 0.3 per cent to 25,300, pointing to an upbeat start on Wall Street.
ANALYST’S TAKE: “In Japan and the U.S. a clear pick-up in sales and earnings is evident in the overall analysis of results. The local reporting season will cross the half-way point tomorrow and indications of strengthening growth are already in,” Michael McCarthy of CMC Markets said in a commentary.
ASIA’S DAY: Japan’s Nikkei 225 jumped 2 per cent to 22,149.21. The Tokyo benchmark ended the day just 2.7 per cent below where it started 2018, having recouped most of its losses during the recent global rout. South Korea’s Kospi advanced 0.9 per cent to 2,442.82. Australia’s S&P/ASX 200 rose 0.6 per cent to 5,941.60. Stocks in Singapore and other Southeast Asian countries were also higher. Chinese markets were closed for Lunar New Year.
JAPAN TRADE: Data released Monday showed Japan’s trade sector started out the year on a strong note though the country logged a deficit for the first time in eight months due to higher oil prices and seasonal factors. Customs data showed imports rose 8 per cent from a year earlier to 7.03 trillion yen ($66 billion). Exports jumped 12 per cent to 6.09 trillion yen ($57.1 billion), leaving a deficit of 943.4 billion yen ($8.8 billion).
OIL: Benchmark U.S. crude rose 58 cents to $62.13 per barrel in electronic trading on the New York Mercantile Exchange. The contract picked up 38 cents to finish at $61.55 per barrel on Friday. Brent crude, used to price international oils, added 31 cents to $65.15 per barrel in London.
