Overseas Trading: Hong Kong Rallies; Autos Usher Europe Higher

Traders in Hong Kong returned from Thursday's holiday in a buying mood, sending the Hang Seng up more than 3%

Oct 2, 2015 at 8:24 AM
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It was a mixed finish in Asia today, with anxiety over today's closely watched U.S. jobs report keeping some prospective buyers on the sidelines. A stronger-than-forecast rise in household spending, along with a softer yen, helped Japan's Nikkei edge up 0.02%. Meanwhile, in Seoul, signs of consumer-level deflation and a drop in the current account surplus pressured South Korea's Kospi to a 0.5% drop.

Elsewhere, traders in Hong Kong returned from holiday in a buying mood. Thursday's Chinese manufacturing data stoked optimism, while casino stocks were on the rebound after well-received data on gaming revenues. By the close, the Hang Seng was up 3.2%. Markets in China remain closed for holiday.

European markets are comfortably higher at midday. Auto stocks are among the top gainers following robust September sales data, though Volkswagen is extending its recent losses on the heels of a Credit Suisse downgrade to "underperform." At last check, the French CAC 40 is up 1.8%, London's FTSE 100 is 1.5% higher, and the German DAX has gained 1.4%.

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