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Wednesday, August 16, 2017, 17:09
Global stocks higher after US indexes take small losses
By Associated Press
Wednesday, August 16, 2017, 17:09 By Associated Press

BEIJING - Global stock markets were mostly higher Wednesday after US indexes took small losses as Washington and the Democratic People's Republic of Korea (DPRK) indicated willingness to reduce nuclear tensions.

KEEPING SCORE: In early trading, France's CAC 40 rose 1.1 percent to 5,194.39 points and Germany's DAX advanced 0.9 percent to 12,282.36. The FTSE 100 in London gained 0.7 percent to 7,438.16. On Tuesday, the CAC 40 and the FTSE 100 each gained 0.4 percent while the DAX added 0.1 percent. On Wall Street, the future for the Dow Jones industrial average rose 0.3 percent and that for the broader Standard & Poor's 500 Index was up 0.2 percent.

ASIA'S DAY: The Shanghai Composite Index shed 0.2 percent to 3,246.45 and Tokyo's Nikkei 225 retreated 0.1 percent to 19,729.28. Hong Kong's Hang Seng rose 0.9 percent to 27,409.07 and Seoul's Kospi advanced 0.6 percent to 2,348.26. India's Sensex picked up 0.6 percent to 31,651.82 and Sydney's S&P-ASX 200 added 0.5 percent to 5,785.10. Benchmarks in New Zealand, Manila and Jakarta gained while Taiwan, Singapore and Bangkok retreated.

ANALYST'S TAKE: "The impact of geopolitical tensions on the stock markets has proven once again to be impulsive and short lived. Global equities switched back to 'risk-on' mode, with investors taking their cues from Washington claiming to pursue a political resolution of the DPRK threat," said Margaret Yang Yan of CMC in a report. She noted stronger month-on-month retail sales growth and rising expectations of a December interest rate hike. "Investors are taking advantage of the technical pullback as re-entry opportunities are resulting in a relief rebound in risky assets, and a retracing in safe-haven assets."

ENERGY: Benchmark US crude rose 25 cents to US$47.80 per barrel in electronic trading on the New York Mercantile Exchange. The contract lost 4 cents on Tuesday to close at US$47.55. Brent crude, used to price international oils, gained 37 cents to US$51.17 in London. It added 7 cents on Tuesday to close at US$50.80.

CURRENCY: The dollar rose to 110.89 yen from Tuesday's 110.66 yen. The euro declined to US$1.1732 from US$1.1735.

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