New Year rally pushes global shares higher

A man with a suite case walks past a securities firm which is closed for New Year's holidays in Tokyo Wednesday, Jan. 3, 2018. Strong manufacturing data and overnight gains on Wall Street gave Asian markets a boost on Wednesday. Markets in Japan were closed for New Year holidays. (AP Photo/Eugene Hoshiko)
A currency trader talks on the phone near the screens showing the Korea Composite Stock Price Index (KOSPI), right, and the foreign exchange rate at the foreign exchange dealing room in Seoul, South Korea, Wednesday, Jan. 3, 2018. Strong manufacturing data and overnight gains on Wall Street gave Asian markets a boost on Wednesday. (AP Photo/Lee Jin-man)
People walk past a securities firm which is closed for New Year's holidays in Tokyo Wednesday, Jan. 3, 2018. Strong manufacturing data and overnight gains on Wall Street gave Asian markets a boost on Wednesday. Markets in Japan were closed for New Year holidays. (AP Photo/Eugene Hoshiko)
A currency trader stands near the screens showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room in Seoul, South Korea, Wednesday, Jan. 3, 2018. Strong manufacturing data and overnight gains on Wall Street gave Asian markets a boost on Wednesday. (AP Photo/Lee Jin-man)
A currency trader walks by the screens showing the foreign exchange rates at the foreign exchange dealing room in Seoul, South Korea, Wednesday, Jan. 3, 2018. Strong manufacturing data and overnight gains on Wall Street gave Asian markets a boost on Wednesday. (AP Photo/Lee Jin-man)
A man and a woman walk past Tokyo Stock Exchange which is closes for New Year's holidays in Tokyo Wednesday, Jan. 3, 2018. Strong manufacturing data and overnight gains on Wall Street gave Asian markets a boost on Wednesday. Markets in Japan were closed for New Year holidays. (AP Photo/Eugene Hoshiko)

TOKYO — Global stock markets rose on Wednesday, with European shares tracking China-led advances in Asia. Oil prices ticked up on expectations of stronger economic growth.

KEEPING SCORE: Germany's DAX added 0.5 percent to 12,931 and the CAC 40 of France was up 0.4 percent at 5,309. Britain's FTSE 100 was flat at 7,647. The S&P 500 futures were up 0.1 percent and Dow futures rose 0.2 percent, auguring early gains on Wall Street.

ASIA'S DAY: Earlier, Hong Kong's Hang Seng index picked up 0.2 percent to close at 30,560.95 and the Shanghai Composite index jumped 0.6 percent to 3,369.11. South Korea's Kospi added 0.3 percent to 2,486.35 and the S&P ASX 200 in Australia ticked 0.2 percent higher to 6,070.40. Shares rose in Taiwan and Singapore but fell in Indonesia. Markets in Japan were closed for New Year holidays but reopen on Thursday.

INVESTOR OPTIMISM: Gains on Wall Street this week have set the tone, with technology and health care companies in particular starting the new year with strong gains. That helped the Nasdaq composite close above 7,000 points for the first time. The S&P 500 also hit a record. Ric Spooner, analyst at CMC Markets, said "U.S. investors put their money where their mouth is, starting the year with a confidence-boosting rally in cyclical stocks."

ENERGY: Oil prices edged up on expectations of a stronger global economy. Analysts said that protests in Iran have not escalated sufficiently yet to create concerns about the country's crude production. Benchmark U.S. crude added 48 cents to $60.85 per barrel in electronic trading on the New York Mercantile Exchange. It fell 5 cents on Tuesday. Brent crude, used to price international oils, picked up 38 cents to $66.95 per barrel. A rally late in the year sent crude oil to its highest price since June 2015.

BITCOIN: The digital currency was flat at $14,735 by early afternoon in Europe, according to Coindesk. Bitcoin rose briefly after the Wall Street Journal reported that the venture capital firm Founders Fund, co-founded by Peter Thiel, bought around $15 million in bitcoin in mid-2017. The report cited anonymous sources

CURRENCIES: The dollar edged down to 112.27 yen from 112.29 yen. The euro slipped to $1.2024 from $1.2060.

Must Read

Asian stocks markets retreat after Wall Street loss

Dec 23, 2016

Most Asian stock markets have declined in thin trading ahead of the Christmas holiday after Wall...

Asian shares mixed as investors consider latest Fed minutes

Jan 5, 2017

Asian stock indexes mixed as investors assess latest Fed meeting minutes; Japan shares slip as yen...

A look at how Trump might shake things up in Asia

Jan 16, 2017

Donald Trump has offered views on U.S. relations with Asia that could indicate radical shifts in...

Asian markets lower amid Brexit worries

Jan 17, 2017

Asian stock markets are mostly lower after Britain said Prime Minister Theresa May will call for a...

Business group: China preparing to retaliate on trade

Jan 18, 2017

An American business group says China is preparing to retaliate if U.S. President-elect Donald...

People also read these

Global markets mixed after Wall Street loss

Dec 23, 2016

Asian markets are mostly lower while Europe has gained in early trading ahead of the Christmas...

World stocks turn lower as investors monitor volatile dollar

Jan 18, 2017

World stocks are mostly lower after a sharp drop in the dollar sapped investor enthusiasm

Global stocks slip amid concern over Trump policies on trade

Jan 23, 2017

Major global stock markets are lower after Donald Trump took office as U.S. president and promised...

Asian shares waver, dollar soft after Fed keeps rates steady

Feb 2, 2017

Asian markets are wavering and the dollar has lost some steam after the Fed kept its key lending...

Asian stocks mixed after Wall Street ends little changed

Feb 3, 2017

Asian stocks are mixed after Wall Street ended little changed as China and other exchanges that...

AseanCoverage is a next-gen news site focusing exclusively on online news from South East Asia.

Contact us: sales@aseancoverage.com