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Global stocks rise on improving Chinese and German data

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BEIJING (AP) – Global stock markets mostly rose on Tuesday as economic data in China and Germany improved and investors eagerly awaited a U.S. Federal Reserve policy meeting.

Shares in major European and Asian markets rose although Tokyo closed slightly lower. On Wall Street, futures on the Dow and S&P 500 were both 0.7% higher, suggesting the US market will add to yesterday’s gains.

The Shanghai Composite Index gained 0.5% to 3,295.68 after new figures showed retail sales in the world’s second-largest economy rose 0.5% in August from a year earlier for their first positive growth this year. China’s statistics agency cited it as a sign of “stable and continuous” economic recovery.

In Europe, sentiment was further boosted by a rise in the German ZEW Economic Confidence Index in September. The DAX in Frankfurt rose 0.3% to 13,236. The CAC 40 in France rose 0.5% to 5,076, while the FTSE 100 in London gained 1% to 6,089.

The Nikkei 225 in Tokyo fell 0.4% to 23,454.89 while the Hang Seng in Hong Kong added 0.4% to 24,734.71. The Sydney S & P-ASX 200 was down less than 0.1% to 5,894.50.

Indian Sensex was up 0.4% to 38,903.72. Singapore and Bangkok won while New Zealand and Jakarta retreated.

Tech stocks remain the focus of concern after days of volatility. They rose on Monday after Nvidia agreed to buy Softbank’s stake in chipmaker Arm Holdings for $ 40 billion.

Oracle climbed 4.3% after the software maker beat Microsoft to become the “trusted technology provider” for Chinese video app TikTok. The deal requires approval from the Trump administration, which viewed TikTok as a security risk and demanded its sale to a US owner.

In other deals, Gilead has agreed to buy Immunomedics for $ 21 billion. Verizon bought Tracfone for $ 6.25 billion and Alibaba has invested $ 4 billion in Grab.

Looking ahead, investors will follow the Federal Reserve policymakers’ meeting this week, the first since they significantly revised the Fed’s operational framework to keep short-term interest rates close to zero for coming years.

The focus will be on the statement that Fed policymakers release on Wednesday and the quarterly economic projections, which will for the first time include estimates of growth, unemployment and the Fed’s benchmark interest rate for 2023.

In energy markets, benchmark US crude oil for October delivery rose 59 cents to $ 37.85 per barrel on electronic trading on the New York Mercantile Exchange. The contract fell 7 cents on Monday to $ 32.26. Brent crude oil for November delivery gained 50 cents to $ 40.11 a barrel in London. The contract fell 22 cents in the previous session to $ 39.61.

The dollar edged down to 105.54 yen from 105.72 yen on Monday. The euro rose to $ 1.1893 from $ 1.1865.

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