Overseas Trading: Global Stocks React to PBOC, Rising Crude Futures

Global stocks are following crude oil higher, despite disappointing manufacturing data

by Kirra Fedyszyn

Published on Mar 1, 2016 at 8:58 AM
Updated on Jun 24, 2020 at 10:16 AM

Asian stocks rebounded today, following crude oil higher and responding to Monday's surprise move from the People's Bank of China (PBOC). China's Shanghai Composite climbed 1.7%, shaking off a five-month low for the Caixin manufacturing purchasing managers index (PMI). Additionally, China's official manufacturing PMI marked a seventh consecutive month of contraction -- arriving its lowest level since 2009. Japan's Nikkei gained 0.4%, following reports that showed drops in both unemployment and household spending, while Hong Kong's Hang Seng closed 1.6% higher. South Korea's Kospi was closed for a public holiday.

Stocks in Europe are also in positive territory at midday, as rising crude futures overshadow Markit's final manufacturing PMI for February, which showed eurozone factory growth at a 12-month low. Among equities, London Stock Exchange Group Plc is up 8% on news that Intercontinental Exchange Inc is considering making an offer for the company. Meanwhile, Barclays fell as much as 10% after reporting disappointing earnings. At last check, both London's FTSE 100 and France's CAC 40 are trading 0.7% higher, while the German DAX is up 1.5%.

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