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International markets roundup

NEW YORK: Technology and financial shares have led Wall Street's main indexes higher for a second straight session, with steady bond yields and volatility also helping the stock market bounce back from its worst week in two years.

Also aiding the market were gains of 1.5 per cent in both the S&P materials and industrials sectors after President Donald Trump unveiled his second budget.

The proposal for fiscal 2019 includes $200 billion for infrastructure spending, more than $23 billion for border security and immigration enforcement, as well as $716 billion for military programs, including the US nuclear arsenal.

In late afternoon trading (0723 Tuesday AEDT), the Dow Jones Industrial Average was up 2.27 per cent, at 24,740.28 and the S&P 500 was up 1.73 per cent, at 2,664.97. The Nasdaq Composite was back above 7,000 points, up 2.10 per cent at 7,018.87.

LONDON: Europe's markets rose on Monday, inspired by Wall Street's strong finish in the US' last session, with shares firming 1.4 per cent after touching six-month troughs last week.

Germany's DAX closed its session up 1.45 per cent at 12,282.77.

British shares rebounded on Monday after a tough week, thanks to a relief rally in commodities stocks.

But with market volatility tipped to stay elevated, investors were divided over whether to buy the dip.

The FTSE 100 closed up 1.19 per cent at 7,177.06 points, regaining some of its recent losses but still near a 13-month low. Around GBP147 billion wiped off the leading UK stock index in the past two weeks as heady markets nosedived.

Energy, materials and financials gave the index its biggest boost as the cyclical stocks that had suffered the worst losses last week led the gains.

Oil majors Royal Dutch Shell and BP both rose around 2 per cent, as crude prices also recovered from last week's declines.

Miners Anglo American, Glencore, BHP Billiton and Rio Tinto were among the biggest gainers, with steel producer Evraz top of the FTSE, up 5.8 per cent, as metals prices rose.

TOKYO: Asian markets were mixed with Japan and Hong Kong lower but China's key indexes closing higher.

MSCI's Asia ex-Japan stock index was 0.93 per cent firmer, while the Nikkei 25 fell 2.32 per cent to 21,382.62.

Hong Kong's key index the Hang Seng lost 0.16 per cent to close at 29,459.63.

An affiliate of China's securities regulator on Monday encouraged major shareholders of domestically-listed firms to increase their holdings, after Chinese stocks were mauled in a global sell-off last week.

The call represents the clearest signal yet from the Chinese government to lend support to a market rocked by recent global volatility, China's deleveraging campaign and fears of margin calls.

China Securities Investor Services Center, directly managed by the China Securities Regulatory Commission (CSRC), said in an emailed statement that share purchases by major shareholders could help stabilise the market and shows big shareholders stick with retail investors "through thick and thin".

The Shanghai Composite closed 0.78 per cent higher at 3,154.13 points, while the CSI300 gained 1.29 per cent to 3,980.10

WELLINGTON: The S/NZX50 Index fell 33.31 points, or 0.4 per cent, to 8,059.06.

Austrlaian Associated PressBack to Breaking News

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