Skip to content
Join our Newsletter

Asian stock markets rise; Europe mixed

TOKYO — Global shares were mostly higher Thursday, supported by strong corporate earnings and the Federal Reserve’s decision to pause its slow-moving campaign to raise interest rates.

TOKYO — Global shares were mostly higher Thursday, supported by strong corporate earnings and the Federal Reserve’s decision to pause its slow-moving campaign to raise interest rates. Asian shares got a boost from Samsung’s report of record quarterly profit and sales.

KEEPING SCORE: The CAC 40 of France gained 0.4 per cent to 5,211.86 and Britain’s FTSE 100 was flat at 7,451.38. Germany’s DAX slipped 0.3 per cent to 12,273.37. Dow and S&P 500 futures pointed to a positive start on Wall Stree, with both up 0.2 per cent.

ASIA’S DAY: Japan’s Nikkei 225 gained 0.2 per cent to 20,079.64 and Hong Kong’s Hang Seng climbed 0.7 per cent to 27,131.17. South Korea’s Kospi added 0.4 per cent to 2,443.24 and the S&P ASX 200 of Australia climbed 0.2 per cent to 5,785.00. Taiwan’s index climbed 0.9 per cent after electronics maker Foxconn announced a $10 billion investment in Wisconsin that is expected to create 3,000 jobs. The Shanghai Composite index edged 0.1 per cent higher to 3,249.78. Shares in Southeast Asia were mixed.

FEDERAL RESERVE: The Federal Reserve’s meeting Wednesday ended with officials saying it may begin paring the massive $4.5 trillion balance sheet it built up following the financial crisis “relatively soon,” which some analysts took to mean September. The Fed also said that inflation will likely remain below its target of 2 per cent in the near term.

SAMSUNG’S STRENGTH: Despite the arrest of its chief in a corruption scandal and the recalls and discontinuation of fire-prone Galaxy Note 7 smartphones, Samsung Electronics reported record high quarterly earnings thanks to booming demand for memory chips. The South Korean company said its April-June net income was 10.8 trillion won ($9.7 billion), up 85 per cent from 5.8 trillion won a year earlier.

ENERGY: Benchmark U.S. crude fell back slightly after topping $48 per barrel for the first time in seven weeks overnight. It slipped 4 cents to $48.71 per barrel in electronic trading on the New York Mercantile Exchange after surging 86 cents, or 1.8 per cent, to $48.75 per barrel on Wednesday. Brent crude, the international standard, rose 14 cents to $51.24 per barrel.

CURRENCIES: The dollar edged up to 111.19 Japanese yen from 111.17 yen on Wednesday. The euro rose to $1.1726 from $1.1637, and the British pound rose to $1.3138 from $1.3117.