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Markets in Asia and Europe Rebound After Wall Street Sell-Off Stocks Rise as Jobs Report Adds Fuel to Global Rebound
(about 1 hour later)
The global investor’s mantra so far this year: Panic and sell; realize it isn’t that bad and buy; repeat. A stock investor’s mantra so far this year: Panic and sell. Realize it isn’t that bad and buy. Repeat.
After a punishing day for global markets on Thursday, driven in part by news that Apple reduced its revenue expectations for the first time in 16 years, most markets in Asia and Europe climbed higher. After a punishing day for global markets on Thursday, driven in part by news that Apple was reducing its revenue expectations for the first time in 16 years, stocks climbed. The S&P 500 rose more than 1 percent at the start of trading on Wall Street after similar gains in Europe and parts of Asia.
By late morning in Europe, London’s FTSE 100 was up more than 1.3 percent. The CAC 40 in France also had risen more than 1.3 percent heading into the afternoon, while the Dax in Germany was about 1.8 percent higher. One notable exception among global markets was Japan, where shares fell in the first trading day of the new year.
Wall Street, which had closed nearly 3 percent lower, looked poised for a rally, according to futures market that track stocks in the United States. One major exception was Japan, where shares fell after a long holiday. Stock investors have been looking for fresh evidence about the state of the economy, and on Friday they got a sign that it remains in good health. Employers in the United States added 312,000 jobs last month, well above Wall Street’s expectations and the biggest monthly gain since February.
After gloomy China manufacturing data sent a shudder through markets on Wednesday, data showing that China’s service sector rose in December helped push stocks up by Friday. The faint prospect that China and the United States were inching toward a resolution for a brewing trade war also lifted markets. The faint prospect that China and the United States were inching toward a resolution of their trade war also helped lift markets. China’s Commerce Ministry said on Friday that Jeffrey Gerrish, the deputy United States trade representative, would lead a delegation to Beijing for trade talks next week.
China’s Commerce Ministry said on Friday that Jeffrey Gerrish, the deputy United States Trade Representative, would lead a delegation to Beijing for trade talks next week. One of the biggest concerns for investors is how much the trade dispute between China and the United States will dent global growth. The meeting next week will be the first between the two sides since President Trump and President Xi Jinping called a 90-day truce in December. One of the biggest concerns for investors is how much the trade dispute between China and the United States will dent global growth. The meeting next week would be the first between the two sides since President Trump and President Xi Jinping called a 90-day truce in December.
The week closed on a positive note over all. The wealth management units of several global banks began circulating notes encouraging clients not to panic and highlighting “silver linings” and buying opportunities to the rout that dragged markets around the world into the red in 2018. The wealth management units of several global banks began circulating notes encouraging clients not to panic and highlighting “silver linings” and buying opportunities amid a rout that dragged markets around the world into negative territory last year.
“There are plenty of looming concerns for investors, from the U.S. government shutdown and vexed trade talks with China, to the potential impact on consumer and business confidence from the recent market volatility,” analysts at the Swiss bank UBS wrote in a note.“There are plenty of looming concerns for investors, from the U.S. government shutdown and vexed trade talks with China, to the potential impact on consumer and business confidence from the recent market volatility,” analysts at the Swiss bank UBS wrote in a note.
“However,” the note continued, “we think markets can rebound and hold an overweight to global stocks.”“However,” the note continued, “we think markets can rebound and hold an overweight to global stocks.”
Hong Kong’s Hang Seng Index rose 2.2 percent on Friday. In Europe, London’s FTSE 100 was up more than 1.5 percent by the afternoon. The CAC 40 in France also had risen almost 1.7 percent, and the Dax in Germany was about 2 percent higher.
In China, the Shanghai Composite Index gained 2.1 percent. The Shenzhen Composite Index closed 2.7 percent higher. In Asia, Hong Kong’s Hang Seng Index rose 2.2 percent on Friday. In China, the Shanghai Composite Index gained 2.1 percent. The Shenzhen Composite Index closed 2.7 percent higher.
South Korea’s Kospi index gained 0.8 percent. Japan’s Nikkei 225 fell 2.3 percent. It was the first day of trading this year for Japanese stocks. Taiwan’s Taiex index fell 1.2 percent.South Korea’s Kospi index gained 0.8 percent. Japan’s Nikkei 225 fell 2.3 percent. It was the first day of trading this year for Japanese stocks. Taiwan’s Taiex index fell 1.2 percent.