Equity indexes from Shanghai to Seoul chalked up gains, with confidence fuelled by positive Chinese manufacturing data.
Equity indexes from Shanghai to Seoul chalked up gains, with confidence fuelled by positive Chinese manufacturing data.

Positive Data Raises Asia, Europe Stocks

European equities started August on the right foot, moving higher after two straight months of declines thanks to a positive flow of earnings released on Monday

Positive Data Raises Asia, Europe Stocks

World stock markets advanced Tuesday as investors studied a fresh round of corporate earnings reports and data releases for signs the global economy is on the right track.
Asia markets started the month on a high Tuesday, buoyed by strong earnings results and gathering optimism over the global economy, even as the dollar came under fresh pressure from instability in the White House, news outlets reported.
Equity indexes from Shanghai to Seoul chalked up gains, with confidence fuelled by positive Chinese manufacturing data and figures showing South Korean exports surged 20% in July from a year earlier.
Tokyo stocks also closed up as investors digested earnings results. Electronics giant Sony beat forecasts to report that net profits quadrupled in the three months to June, backed by brisk sales of smartphone components and solid revenue from its game business.
But a strong yen capped increases, with the safe-haven currency holding gains against the greenback as Washington was plunged into renewed uncertainty after foul-mouthed spin doctor Anthony Scaramucci was axed as White House communications director—just 10 days after being hired.

Singapore shares rose, as a recovery in banking stocks outweighed a fall in heavyweight Singapore Telecommunications. Malaysia equities also advanced, helped by a rebound in lenders, Nikkei reported.
Singapore’s FTSE Straits Times Index added 0.3% to close at 3,338.20. Singapore Telecom declined 2.8% after adjusting for the final dividend payout. The company had declared a final dividend of 10.7 Singapore cents per share for the fiscal year ended March 31, 2017.
The Nikkei Asia300 Index of companies outside of Japan rose 0.4% after July Caixin manufacturing PMI rose to a 4-month high of 51.1 from 50.4 in June, topping estimates.
The FTSE Bursa Malaysia KLCI rose 0.3% to 1,765.13, recouping most of Monday’s losses. Heavyweight Public Bank added 1.6%, after declining 1.3% in the previous session. Malayan Banking advanced 1.2%, erasing Monday’s entire decline.
In India, the Sensex and Nifty closed at their highest ever level for a second session in a row as automakers such as Eicher Motors Ltd advanced on upbeat monthly sales a day ahead of a key central bank policy meeting.
The broader NSE index ended up 37.55 points or 0.37% at 10,114.65, while the benchmark BSE index closed higher by 60.23 points or 0.19% at 32,575.17.

  Earnings Data in Europe
European equities started August off on the right foot, moving higher after two straight months of declines thanks to a positive flow of earnings released on Monday and while digesting mixed economic data.
European shares rose in early trading. Britain’s FTSE 100 advanced 0.9% to 7,435.20 and France’s CAC 40 added 0.2% to 5,102.88. Germany’s DAX edged up 0.1% to 12,134.84. Wall Street was poised to open higher, with Dow futures up 0.4% to 21,937.00 and broader S&P 500 futures gaining 0.3% to 2,474.70.
European shares rose, with encouraging corporate earnings, rising oil prices and upbeat economic data supporting underlying sentiment.
The day’s economic reports were broadly positive. Growth in China’s manufacturing quickened in July, British manufacturing growth accelerated more-than-expected in the month and the annual growth in UK house prices topped forecasts, helping fuel optimism about global growth.
Eurozone manufacturing activity expanded at a slower than expected pace in July, but the data was offset by another report which showed the eurozone economy expanded at a faster pace in the second quarter.
Royal DSM NV shares soared 6%. The Dutch chemicals and pharmaceuticals firm lifted its 2017 targets after reporting a 21% rise in second-quarter net profit. BP Plc shares rallied 3.3% after the energy giant reported a replacement cost profit in its second quarter, compared to hefty loss last year.
Rolls-Royce soared 9% after the aircraft engine maker swung to a first-half net profit despite multiple headwinds. Housebuilder Taylor Wimpey rose 1.5% after announcing a special dividend.
Financial stocks also rose, as French lenders BNP Paribas gained 1.63% and Societe Generale advanced 0.67%, while Germany’s Deutsche Bank and rival Commerzbank traded up 1.26% and 0.27%, respectively.
Among peripheral lenders, Italian banks Intesa Sanpaolo and Unicredit rose 0.27% and 0.12%, while Spanish banks BBVA and Banco Santander traded up 1.44% and 1.09%, respectively.
In the US, stock futures pointed to a higher open. The Dow Jones Industrial Average futures rose 0.48%, S&P 500 futures gained 0.28%, while the Nasdaq 100 futures advanced 0.45%.

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