Saturday 24 February 2018

Chinese growth data lifts world markets

Trucks carrying copper and other goods are seen waiting to enter an area of the Shanghai Free Trade Zone, China. Photo: REUTERS
Trucks carrying copper and other goods are seen waiting to enter an area of the Shanghai Free Trade Zone, China. Photo: REUTERS

Independent.ie Newsdesk and Agencies

World stocks hit a record high yesterday while copper prices surged to their highest levels in more than four months after robust growth data in China.

China's economy expanded at a faster-than-expected 6.9pc clip in the second quarter, setting the country on course to comfortably meet its 2017 growth target.

Commodity prices were also buoyed as the dollar fell to a 10-month low before steadying.

MSCI's broadest index of Asia-Pacific shares outside Japan hit a two-year high, as MSCI's gauge of stocks across the globe gained 0.13pc and set a record.

Wall Street opened slightly higher as investors braced for a flood of second-quarter earnings reports later in the week.

"The market from a big picture perspective is just waiting on earnings," said Walter Todd, chief investment officer at Greenwood Capital Associates in Greenwood, South Carolina. "Can companies continue to follow through with what was a very good earnings season in Q1? I think that's what investors are looking for."

The Dow Jones Industrial Average rose 10.93 points to 21,648.67.

In Dublin the ISEQ was up 0.26pc at 6,911.18 - well off all-time highs.

The pan-European FTSEurofirst 300 index lost 0.03pc.

Shares of miners Anglo American and Glencore gained, supported by the strong China data and rising copper prices.

Copper rose 1.52pc to $6,016.00 a tonne, touching its highest level since early March. Among other commodities, US crude fell 0.09pc to $46.50 per barrel and Brent was last at $48.90.

The dollar was flat, against a basket of peers, after falling to a 10-month low earlier in the session.

Reuters

Promoted Links

Business Newsletter

Read the leading stories from the world of Business.

Promoted Links

Also in Business