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Global shares edge higher on Wall Street strength, crude price surge

EconomySep 15, 2021 05:06PM ET
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2/2 © Reuters. FILE PHOTO: A man wearing a protective face mask walks past a stock quotation board outside a brokerage, amid the coronavirus disease (COVID-19) outbreak, in Tokyo, Japan November 2, 2020. REUTERS/Issei Kato 2/2

By Elizabeth Dilts Marshall

NEW YORK (Reuters) - Global shares edged higher on Wednesday on the strength of U.S. equities markets that were boosted by rising oil prices and positive economic data out of the United States.

U.S. factory production data showed that manufacturing was strong in August despite a slowdown due to closures related to severe storms and the ongoing microchip shortage.

Earlier in the day U.S. import prices for August declined for the first time in 10 months. That followed Tuesday data from the U.S. Labor Department showing that inflation cooled last month and may have peaked.

U.S. oil rose by more than $2 on Wednesday after stockpiles fell last week to their lowest since September 2019.

The MSCI All Country World Index gained 0.26%, and all three of the major U.S. stock indexes closed higher.

However, the pan-European STOXX 600 index closed down 0.80% after U.K. data showed that inflation hit a more than nine-year high last month.

Investors are awaiting the U.S. Federal Open Market Committee's monetary policy meeting next week for what the Fed will announce regarding its bond-buying program and when it will begin tapering.

"Risk markets in Europe and America are trading in a subdued fashion ahead of next week's FOMC meeting, with economic data failing to boost conviction in the reflation trade at the moment," ANZ analysts wrote.

The Dow Jones Industrial Average rose 236.82 points, or 0.68%, the S&P 500 gained 37.65 points, or 0.85%, and the Nasdaq Composite added 123.77 points, or 0.82%.

Possible increases to the U.S. corporate tax rate remain important in the background, and one bank estimated that raising the corporate tax to 25% could shave 5% off S&P500 earnings in 2022.

"We still have a very fragile market, especially if we get some type of tapering from the Federal Reserve," said David Wagner, portfolio manager at Aptus Capital Advisors. "Any material change to tax policy can create a more volatile market."

Data out of China showed that factory and retail output and sales growth hit one-year lows in August, as fresh COVID-19 outbreaks and supply disruptions pointed to a possible economic slowdown on the mainland.

The dollar was last down 0.122% mainly due to a sharp slide in USD/JPY's, which broke below important supports as safe-haven buying bolstered the yen in particular.

The yield on 10-year Treasury notes was up 2.3 basis points to 1.302% after earlier touching a three-week low of 1.26%.

U.S. crude settled up 3.1% at $72.61 a barrel, and Brent ended 2.5% higher at $75.46 a barrel.

Spot gold dropped 0.8% to $1,790.56 an ounce. U.S. gold futures fell 0.68% to $1,792.40 an ounce. [GOL/]

Global shares edge higher on Wall Street strength, crude price surge
 

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Comments (3)
Dave Jones
Dave Jones Sep 15, 2021 4:19PM ET
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shares rise on strong buying...der
Joseph Kalm
Joseph Kalm Sep 15, 2021 12:12AM ET
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"Asian stocks stumble as weak China data fan global growth worries"....no, Asian stocks are down because US stocks are down after "concerns" of slowing inflation reported earlier in the day. Bad data is good for this market that is driven entirely by inflation and Fed hand outs, hence why US futures are up 0.2-0.3% right now on poor Asian data. Inflation is a tax on the lower and middle class, and benefits Wallstreet. Who needs actual revenue growth, when you can just print more money/inflate the currency and give the illusion of growth.
Tiberius Augustus
Tiberius Augustus Sep 15, 2021 12:12AM ET
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Indeed
Mario tragik
Mario tragik Sep 15, 2021 12:12AM ET
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this exactly, this will recover from the 50 MA it already bounce of to print another ATH. and all exactly because of what you said.
Jospeh Kalm
Jospeh Kalm Sep 15, 2021 12:07AM ET
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"Asian stocks stumble as weak China data fan global growth worries"....no, Asian stocks are down because US stocks are down. Bad data is good for this market that is driven entirely by inflation and Fed hand outs, hence why US futures are up 0.2-0.3% right now.
 
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