World stocks gained on Tuesday after Chinese trade data came in better than expected
World stocks gained on Tuesday after Chinese trade data came in better than expected and some countries tried to restart their economy by partly lifting restrictions aimed at containing the coronavirus outbreak.
- European stock markets opened stronger, with the pan-European STOXX 600 index rising 0.6% to its highest since March 11.
- The gains in Europe took MSCI’s All-Country World Index .MIWD00000PUS, which tracks shares across 49 countries, up 0.5%.
- Chinese shares gained, with the blue-chip index .CSI300 up 1.2%.
- Australian shares were up 1.7%.
- Japan’s Nikkei .N225 rose 2.8%.
- Hong Kong’s Hang Seng .HSI was up 0.9%.
Oil prices rose around 1% after the U.S. Energy Information Administration (EIA) predicted shale output in the world’s biggest crude producer would fall by a record amount in April, adding to cuts from other major producers.
- U.S. crude CLc1 was up 0.85% at $22.55 a barrel, compared with a January peak of $63.27.
- Brent LCOc1 rose 1.3% to $32.16 a barrel.
- Gold prices XAU= clung to highs not seen in more than seven years at $1,720.1 an ounce.
- In currencies, the dollar extended losses on the back of the U.S. Federal Reserve’s massive new lending programme. It weakened against the Japanese yen JPY= to 107.7.
- The euro EUR= was up 0.2% at $1.0929.
- The risk-sensitive Australian dollar AUD=D3 jumped 0.6% to $0.6420.