Global Shares Advance, Track Wall Street Rally

Shares advanced Tuesday in Europe after closing mostly higher in Asia, though Chinese shares skidded on renewed concerns over pandemic lockdowns. Oil prices declined and US futures were lower, Elaine Kurtenbach reported for the Associated Press (AP).

Photo Insert: An overnight rally on Wall Street carried over into world markets, but declines in Shanghai and Sydney suggest the concerns over China’s economy are still having a potent effect.

Germany’s DAX rose 0.9% to 14,043.32 and the CAC 40 in Paris picked up 0.4% to 6,471.95. Britain’s FTSE 100 gained 0.6% to 7,423.93. The future for the S&P 500 slipped 0.3% while that for the Dow industrials gave up 0.4%.

An overnight rally on Wall Street carried over into world markets, but declines in Shanghai and Sydney suggest the concerns over China’s economy are still having a potent effect.

The Shanghai Composite index fell 1.4% to 2886.43, giving up early gains. On Monday it slumped 5.1%. Hong Kong’s Hang Seng, which lost 3.7% on Monday, closed up 0.3% at 19,934.71.

The Kospi in Seoul gained 0.4% to 2,668.31 after the government reported the South Korean economy grew at a 3.1% annual pace in the first quarter of the year, up 0.7% from the previous quarter.

In Tokyo, the Nikkei 225 rose 0.4% to 26,700.11. India’s Sensex gained 1% to 57,149.41. In Australia, which relies heavily on exports of resources to China, the S&P/ASX 200 dropped 2.1% to 7,318.00. US benchmark oil dropped 63 cents to $97.91 per barrel in electronic trading on the New York Mercantile Exchange.

It lost $3.53 to $98.54 on Monday. Brent crude, the standard for pricing international oil, shed 47 cents to $101.69 per barrel. The dollar slipped to 128.00 Japanese yen from 128.14 yen late Monday.

The euro fell to $1.0688 from $1.0713. On Monday, the S&P 500 climbed 0.6% after erasing an early 1.7% loss. The rally was led by stocks of internet-related companies, including Twitter, which jumped 5.7% after agreeing to let Tesla CEO and tweeter extraordinaire Elon Musk buy it.

The Dow Jones industrial average rose 0.7%, while the Nasdaq composite rallied 1.3%.

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