Overseas Trading: China Bucks Global Rally; ECB Minutes in Focus

Most global benchmarks have followed their U.S. counterparts into the green

by Karee Venema

Published on Feb 18, 2016 at 8:47 AM
Updated on Jun 24, 2020 at 10:16 AM

Most Asian benchmarks settled higher today, buoyed by a bullish session on Wall Street and a sharp rally in oil prices. In Japan, the Nikkei jumped 2.3%, despite a strengthening yen and data that showed January exports slipped a worse-than-expected 12.9%. Elsewhere, Hong Kong's Hang Seng also rallied 2.3%, while South Korea's Kospi tacked on 1.3%. China's Shanghai Composite, however, failed to capitalize on the regional uptrend -- shedding 0.2%, following multiple reports of fraudulent loans and mixed inflation data. Although Beijing's consumer price index rose a year-over-year 1.8% last month, its producer price index fell 5.3%.

European markets are mostly up at midday, as crude futures extend yesterday's positive price action on hopes of a global production freeze. Traders are also digesting the minutes from the latest European Central Bank (ECB) meeting, at which ECB President Mario Draghi said the central bank could possibly "reconsider" its stance on interest rates at its March meeting. At last check, the German DAX was up 1.7%, while the French CAC 40 was flirting with a 0.9% lead. London's FTSE 100, meanwhile, is off 0.3% as European Union (EU) leaders meet to discuss a possible "Brexit."

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