Global stocks higher after Wall Street fall, Brexit approval




Global stocks higher after Wall Street fall, Brexit approval
Global stocks higher after Wall Street fall, Brexit approval  

BEIJING (AP) -- Global stock markets rebounded Thursday after Britain's Cabinet endorsed a plan to leave the European Union but the pound sagged after discord emerged with the resignation of the Brexit minister.

KEEPING SCORE: In early trading, London's FTSE 100 gained 0.5 percent to 7,071.60 and German's DAX advanced 0.5 percent to 11,473.84. France's CAC 40 rose 0.5 percent to 5,094.94. On Wednesday, the CAC 40 lost 0.7 percent, the DAX dropped 0.5 percent and the FTSE 100 shed 0.3 percent. On Wall Street, futures for the Standard & Poor's 500 index and Dow Jones Industrial Average were up 0.5 percent.

ASIA'S DAY: The Shanghai Composite Index rose 1.4 percent to 2,668.17 and Hong Kong's Hang Seng added 1.7 percent to 26,103.34. Tokyo's Nikkei 225 shed 0.2 percent to 21,803.62 and Seoul's Kospi advanced 1 percent to 2,088.06. Sydney's S&P-ASX 200 added 3 points to 5,736.00. India's Sensex rose 0.6 percent to 35,339.44. Bangkok and New Zealand retreated while Taiwan and other Southeast Asian markets rose.

WALL STREET: U.S. markets were dragged down by losses for tech companies, banks and insurers. Apple Inc. lost 2.8 percent. Bond prices rose as traders shifted money into low-risk assets. That pulled yields down, which hurts banks by driving interest rates on loans lower. Energy stocks rebounded as crude oil prices snapped a 12-day losing streak. The S&P 500 and Dow both lost 0.8 percent. The Nasdaq composite dropped 0.9 percent.

BREXIT: Prime Minister Theresa May persuaded the British Cabinet to back an agreement to separate from the European Union. May said the decision is a "decisive step" toward finalizing the exit deal with the EU, though it was unclear whether Parliament will go along. The deal would allow Britain to stay in a customs union while a trade treaty is negotiated. The Brexit minister, Dominic Raab, announced he was resigning because he couldn't support the agreement. The pound fell 1 percent after Raab's announcement, a wide margin for a developed country currency.

ANALYST'S TAKE: "Despite the U.K. Cabinet backing the new Brexit draft plan, the boost for markets had been short-lived with the sea of worries overruling sentiment," said Jingyi Pan of IG in a report. Asian markets are "taking after the poor leads from Wall Street" due to "little data" due out in the region.

AUSTRALIAN JOBS: Government data showed employment rose by 32,800 in October, above market expectations for a gain of 20,000. The jobless rate stayed at 5 percent. The annual rate of job creation rose to 2.5 percent.

ENERGY: Benchmark U.S. crude gained 11 cents to $56.36 per barrel in electronic trading on the New York Mercantile Exchange. The contract rose 56 cents on Wednesday to close at $56.25. Brent crude, used to price international oils, advanced 38 cents to $66.50 per barrel in London. It gained 65 cents the previous session to $66.12.

CURRENCY: The dollar weakened to 113.49 yen from Wednesday's 113.63 yen. The euro strengthened to $1.1340 from $1.1309.

COMMENTS

More Related News

UK Labour leader Corbyn says he could back a second Brexit referendum
UK Labour leader Corbyn says he could back a second Brexit referendum
  • World
  • 2019-02-22 21:23:14Z

British opposition leader Jeremy Corbyn said if his party won power he would renegotiate a Brexit deal with the European Union and could hold another referendum, as he comes under pressure to support giving the public another chance to stay in the bloc. Parliament is deadlocked over Britain's departure

EU drafting retaliatory tariff list hitting Caterpillar, Xerox, Samsonite: Bloomberg
EU drafting retaliatory tariff list hitting Caterpillar, Xerox, Samsonite: Bloomberg

The European Union has drafted a list of retaliatory tariffs that would target Caterpillar Inc, Xerox Corp and Samsonite International if U.S. President Donald Trump imposes duties on European cars, Bloomberg News reported on Friday, citing an unnamed senior EU official. Trump, who is known to have a strong protectionist bent on trade, has said the United States will impose tariffs on European car imports if it is unable to reach a trade deal with the European Union. European Commission President Jean-Claude Juncker said in July that Trump promised he would hold off for the time being while the two sides sought to improve trade relations, such as with a deal to cut tariffs on "non-auto...

Some UK Conservative lawmakers warn PM May they are ready to back Brexit delay
Some UK Conservative lawmakers warn PM May they are ready to back Brexit delay
  • World
  • 2019-02-22 11:21:43Z

A group of Conservative lawmakers said on Friday they had warned Prime Minister Theresa May that they are ready to try to force a delay to Britain's exit from the European Union to prevent a disorderly 'no deal' Brexit. With just five weeks until Britain is due to leave on March 29, May

Climate activist Thunberg urges EU to double its carbon reduction targets
Climate activist Thunberg urges EU to double its carbon reduction targets

Greta Thunberg, the 16-year-old Swedish climate activist who has inspired pupils worldwide to boycott classes, urged the European Union on Thursday to double its ambition for greenhouse gas cuts. At an EU conference, Thunberg warned that politicians who fail to tackle climate change will be "remembered as the greatest villains of all time" for leading the world to disaster. "If the EU is to make its fair contribution to staying within the (Paris climate deal) carbon budget for a two-degree limit, it means a minimum of 80 percent reduction by 2030," Thunberg told the conference, receiving warm applause.

Turkey condemns European parliament committee call to suspend accession
Turkey condemns European parliament committee call to suspend accession
  • World
  • 2019-02-21 06:51:02Z

Turkey criticized on Thursday as "unacceptable" a vote by the European Parliament Foreign Affairs Committee calling for the suspension of EU accession negotiations with it. The Foreign Affairs Committee called on the European Commission and member states on Wednesday to formally suspend EU accession negotiations with Turkey, citing disregard for human rights and civil liberties, influence on the judiciary, and disputes over territory with Cyprus and other neighbors. "It is absolutely unacceptable that the non-binding, advisory draft report is calling for a total suspension of our accession talks to the EU," Turkish Foreign Ministry spokesman Hami Aksoy said in a statement.

Leave a Comment

Your email address will not be published. Required fields are marked with *

Cancel reply

Comments

Top News: Economy

facebook
Hit "Like"
Don't miss any important news
Thanks, you don't need to show me this anymore.