Nasdaq hits new record as global stocks rise


NEW YORK: Global stocks rose on Tuesday (Wednesday in Manila) following encouraging economic data in Germany, Britain and China as the technology-rich Nasdaq in the US ended at a new record.

The data helped the German DAX score a 2.5 percent gain, outperforming other major indices following better-than-expected export data.

Germany’s trade data showed a solid performance, with exports shifting back into growth mode, resulting in a trade surplus at a greater-than-expected 21.7 billion euros ($24 billion).

Retail sales surprisingly recovered in Britain during July despite uncertainty triggered by the vote to exit the European Union.

A joint survey by the British Retail Consortium and financial group KPMG showed retail sales grew by 1.1 percent in July compared with a year ago.

“Warmer weather helped blow away some of the post-referendum blues, boosting the UK feel good factor and giving consumers a sense that ‘life goes on’ following the initial shock of the Brexit vote,” KPMG’s head of retail David McCorquodale said in a statement containing the data.

London gained 0.6 percent, while Paris rose 1.2 percent.

“Sentiment remains upbeat for global equities mainly because of the (stimulus) actions of central banks, rebounding oil prices and the mostly better-than-expected US corporate earnings results,” said Fawad Razaqzada at City Index trading group.

In the United States, the tech-rich Nasdaq rose 0.2 percent to 5,225.48, its second record in the last three trading sessions, following gains by large technology companies such as Apple, Microsoft and Google parent Alphabet.

However, the broader S&P 500 was essentially flat after a weak sales report by youth-oriented apparel company Gap sparked a retreat of retail stocks.

Shares in Macy’s, Target and Best Buy all fell, while Wal-Mart Stores rose slightly, closing up 0.3 percent, fresh off its announced $3.3 billion deal to acquire the web retailer

In Asia, China’s producer prices fell in July at their slowest rate in nearly two years, fueling hopes that the end of a painful slowdown could be in sight for a key driver of the global economy.

The Nikkei in Japan climbed 0.7 percent, with petroleum-linked shares Inpex and refiner JX Holdings gaining on higher oil prices.

Video game giant Nintendo’s shares soared 7.4 percent after reports the popular game Pokemon Go has generated more than $200 million in worldwide revenue since its launch last month.



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