Overseas Trading: Wall Street Sets Pace for Global Rally

Global stocks are moving higher as traders respond to an influx of central bank news

Nov 19, 2015 at 8:28 AM
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Stocks in Asia finished higher across the board today, bolstered by Wall Street's strong Wednesday finish. Baidu shares outperformed in Shanghai after announcing a new partnership with China Citic Bank, while commodities giant Glencore was among the top gainers in Hong Kong. Meanwhile, a backpedaling yen helped Tokyo-listed stocks end higher, after the Bank of Japan opted to stand pat on monetary policy. By the close, China's Shanghai Composite and Hong Kong's Hang Seng gained about 1.4% each, South Korea's Kospi rose 1.3%, and Japan's Nikkei tacked on 1.1%.

European stocks are also on the upswing at midday, even as the prospect of an imminent U.S. rate hike applies some pressure to homebuilders. Traders are cheering news that the People's Bank of China (PBOC) lowered interest rates on its Standing Lending Facility, while looking ahead to the afternoon release of the European Central Bank's (ECB) meeting minutes. At last check, the German DAX has advanced 1.4%, London's FTSE 100 is 1.2% higher, and France's CAC 40 has climbed 0.7%.

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