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Global Shares Mostly Rise Tuesday 04/30 04:54
Global shares mostly rose Tuesday, as investors kept their eyes on
potentially market-moving reports expected later this week.
TOKYO (AP) -- Global shares mostly rose Tuesday, as investors kept their
eyes on potentially market-moving reports expected later this week.
France's CAC 40 slipped 0.2% in early trading to 8,052.68, while Germany's
DAX fell 0.3% to 18,062.63. Britain's FTSE 100 added 0.3% to 8,170.81. U.S.
shares were set to drift lower with Dow futures inching down nearly 0.1% to
38,535.00. S&P 500 futures lost 0.1% to 5,141.00.
Japan's benchmark Nikkei 225 jumped 1.2% to finish at 38,405.66, coming back
from a national holiday. Sydney's S&P/ASX 200 rose 0.4% to 7,664.10. South
Korea's Kospi added 0.2% to 2,692.06. Hong Kong's Hang Seng edged up 0.1% to
17,763.03, while the Shanghai Composite fell 0.3% to 3,104.82.
In Japan, the government reported stronger than expected gains in industrial
production with a seasonally adjusted 3.8% rise in March from the previous
month.
"Weak manufacturing weighed on growth in the first quarter of the year, but
we think that consumption is likely to improve on the back of healthy labor
market," said Min Joo Kang, senior economist at ING.
Markets are also eyeing the U.S. Federal Reserve in addition to a slew of
earnings reports that about a third of the companies in the S&P 500, including
heavyweights Amazon and Apple, are reporting this week.
Reports of stubbornly high inflation have traders expecting fewer interest
rate cuts this year. The Federal Reserve announces its latest policy decision
Wednesday, and could offer clues on when the rate cuts might come. Its main
interest rate is at its highest level since 2001. Fed Chair Jerome Powell could
offer more color in his news conference following the central bank's decision.
Also on investors' minds is the jobs report hitting Wall Street on Friday
that could show hiring by U.S. employers cooled in April and that growth in
workers' wages held relatively steady.
The hope on Wall Street is that the job market will remain strong enough to
help the economy avoid a recession but not so strong that it feeds upward
pressure into inflation.
In energy trading, benchmark U.S. crude added 8 cents to $82.71 a barrel.
Brent crude, the international standard, rose 3 cents to $88.43 a barrel.
In currency trading, the U.S. dollar rose to 156.87 Japanese yen from 156.28
yen. The euro cost $1.0702, down from $1.0725.
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