Global markets update: US stocks climb ahead of inflation
US stocks climbed on Tuesday ahead of inflation reports.
The S&P 500 rose 29.73, or 0.7%, at 4,439.26. The Dow Jones Industrial Average gained 317.02 points, or 0.9%, at 34,261.42. The Nasdaq composite added 75.22, or 0.5%, at 13,760.70.
Shares of Activision Blizzard jumped 10% after a judge ruled Microsoft could move forward on its $69 billion takeover of the video game maker.
Salesforce shares surged 3.9% on price increases announced for its products.
Amazon rose 1.3% on the first day of its annual Prime Day sales event.
The 10-year treasury yield slipped to 3.97% from 4.00% late Monday. The 2-year treasury yield inched up 4.88% from 4.86%.
Currencies
The US dollar fell to 140.46 Japanese yen from 141.32. The euro rose to $1.1000 from $1.0999.
Europe
European shares ended higher on Tuesday amid hopes that the US Federal Reserve was nearing the end of its interest rate hiking cycle.
The pan-European STOXX 600 ended 0.7% higher.
Irish stocks jumped 2.1%, boosted by gains in Kingspan which climbed 15.7% after forecasting record profit for the first half of the year.
Britain’s FTSE 100 gained 0.1% at 7,282.52. Germany’s DAX added 0.8% at 15,790.34. France’s CAC 40 rose 1.1% at 7,220.01.
Miners were among top sectoral gainers in Europe, up 1.8% as metal prices rose on Beijing’s support for its property market.
Asia
In Asia, most stock markets rose on Tuesday on China’s moves to boost its flagging economy.
China has asked banks and other financial institutions to provide easier terms for ailing property developers by renegotiating the terms of their loans, with the aim of ensuring homes under construction were delivered.
More announcements were in the pipeline as well as measures to boost business confidence, said state-run newspapers.
Hong Kong’s Hang Seng index rose 1% at 18,659.83. China’s Shanghai Composite: added 0.6% at 3,221.37. Japan’s Nikkei 225 ended flat at 32,203.57.
Australia’s S&P/ASX 200 index closed 1.5% higher at 7,108.90, snapping four sessions of decline. In New Zealand, the benchmark S&P/NZX 50 index finished flat at 11,909.81.
Energy prices
Brent crude for September delivery rose $1.71 to $79.40 a barrel on Tuesday. US crude oil benchmark for August delivery rose $1.84 to $74.83 a barrel.
Natural gas for August delivery rose 6 cents to $2.73 per 1,000 cubic feet.
Bullion
Gold for August delivery rose $6.10 to $1,937.10 an ounce. Silver for September delivery fell 7 cents to $23.28 an ounce.
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Updated: 12 Jul 2023, 02:22 AM IST
