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Posted: Wednesday, May 28th 2014 at 8:19am

Global stocks rise after upbeat US economic data

By The Associated Press
EMAIL STORY CONTACT EDITOR PRINT
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BEIJING (AP) -- Global stocks mostly rose Wednesday on upbeat data that reinforced confidence in the U.S. economic recovery.

Oil edged up to stay above $104 a barrel as traders weighed the impact of conflicts in Ukraine and Libya.

In early European trading, France's CAC 40 was little changed at 4,529.57 and Germany's DAX added 0.1 percent to 9,946.07. Britain's FTSE 100 gained 0.1 percent to 6,848.86.

Futures augured more gains on Wall Street with Dow and S&P 500 futures both up 0.1 percent.

Investors were encouraged by a government report that orders to U.S. factories for long-lasting manufactured goods rose unexpectedly in April, powered by a surge in demand for military aircraft.

Also, the Conference Board's consumer confidence index rose in May to the second-highest level since January 2008, just after the start of the Great Recession.

"The ongoing economic recovery is confirmed. Consumer confidence matched expectations," said Mizuho Bank in a report.

In Asia, China's benchmark Shanghai Composite Index rose 0.8 percent to 2,050.23 and Japan's Nikkei 225 added 0.2 percent to 14,670.95.

Hong Kong's Hang Seng advanced 0.6 percent to 23,080.03 and Sydney's S&P/ASX 200 closed up 0.3 percent to 5,527.20.

In energy markets, benchmark crude for July delivery was up 20 cents to $104.31 in electronic trading on the New York Mercantile Exchange. The contract fell 24 cents to close Tuesday at $104.11

The euro fell to $1.3622 from $1.3637 late Tuesday. The dollar dropped to 101.86 yen from 101.96 yen.
Associated Categories: National News, Business News, Local/State News

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