Localization in Saudi military industries rises to 19.35%    Logistics park for vehicles worth SR300 million to be set up at Dammam port    Commerce Ministry recalls 6,500 Genesis cars due to risk of fire    HONOR KSA expands its presence with new flagship Experience Store in Riyadh HONOR's first flagship store in KSA provides visitors with a premium experience, exciting offers and free services    Saudi, Iranian foreign ministers discuss Oman-mediated talks with US    Prince Sultan University launches first bachelor's program in language and media    Al-Falih: Eastern Province hosts 700 investment opportunities worth SR330 billion    India demolishes houses of 10 alleged militants days after deadly Kashmir attack    Yemen's Houthis claim dozens killed in US strike on prison holding African migrants    Putin announces three-day Russian ceasefire in Ukraine from 8 May    Crown Prince donates SR1 billion to support housing for eligible families    Suspect charged after Vancouver car ramming leaves 11 dead    Rock & Roll Hall of Fame picks Outkast but not Oasis    Makkah police arrest Yemeni and Egyptian suspects of fake Hajj campaign    Duran leads Al Nassr past Yokohama Marinos into AFC Champions League Elite semi-finals    Al Ahli cruise past Buriram into AFC Champions League Elite semi-finals    Saudi orchestra to perform at Sydney Opera House in May    Al Hilal thrash Gwangju to reach AFC Champions League Elite semi-finals    Saudi Theater Commission launches its Work and Learn Project in UK    The season has begun — and one comment shook us all    Pakistani star's Bollywood return excites fans and riles far right    Veteran Bollywood actor Manoj Kumar dies at 87    Bollywood actress vindicated over boyfriend's death after media hounding    Grand Mufti rules against posting prayers and preaching in mosques on social media    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







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World stocks boosted by signs of China recovery
Published in The Saudi Gazette on 23 - 11 - 2012

BANGKOK – World stock markets rose Thursday after a survey showed that China's manufacturing expanded for the first time in 13 months, rare good news for the struggling global economy. Sentiment also benefited from a cease-fire agreement between Israel and Hamas in the Gaza Strip.
HSBC's Purchasing Managers' Index, which combines various measures of manufacturing activity in China, rose to 50.4 for November. That was up from October's PMI of 49.5 and September's PMI of 47.9. Readings above 50 denote growth.
The survey shows that the “economic recovery continues to gain momentum towards the year end,” analysts at HSBC said. “However, it is still the early stage of recovery and global economic growth remains fragile.”
Stocks in Europe were higher in early trading. Britain's FTSE 100 rose 0.4 percent to 5,775.44. Germany's DAX added 0.5 percent to 7,221.09 and France's CAC-40 advanced 0.3 percent to 3,487.34. U.S. stock markets will be closed for the Thanksgiving holiday and will also close early Friday.
Asian markets also registered strong gains, boosted by the manufacturing news from China, a major market for many countries in the region.
Hong Kong's Hang Seng rose 1 percent to close at 21,743.20. South Korea's Kospi added 0.8 percent to 1,899.50 and Australia's S&P/ASX 200 gained 1 percent to 4,424.20. Benchmarks in Singapore, Indonesia, Thailand and Taiwan also advanced.
Japan's Nikkei 225 index jumped 1.6 percent to close at 9,366.80 — its highest finish since May 2 — as a recently weakened yen provided a vital boost to the export-heavy index.
Positive news out of Europe and the US also helped sustain investor confidence. In Europe, finance ministers from the 17 countries that use the euro will continue talks Monday to reach an agreement on releasing more money to debt-crippled Greece. Athens is expected to eventually get an overdue €31.5 billion ($40 billion) loan payment urgently needed to pay its bills.
Investors are also expecting a resolution to the US “fiscal cliff” of tax increases and government spending cuts that are set to take effect Jan. 1 unless Congress and the Obama administration reach a deal first.
Independent analyst Andrew Sullivan in Hong Kong said overall investment sentiment could improve once the US budget issue is dealt with. Traders are also keeping an eye on Japan's election on Dec. 16, which could usher in new leaders calling for bold monetary policies to get the country out of deflation.
“I think over the next few weeks we will see the market continue to grind higher,” Sullivan said. “That will give equity investors more confidence as prospects improve.”
Among individual stocks, Japan's export shares were among the big gainers.
Yamaha Motor Co. jumped 4.8 percent. Sharp Corp. gained 4.3 percent.
South Korean high-tech shares also rose. SK Hynix gained 2.8 percent and Samsung Electronics added 2.4 percent.
In Hong Kong, China Mobile Ltd. rose 1.6 percent.
Wall Street got a slight bounce Wednesday after news of a cease-fire agreement between Israel and the Hamas militant group to end eight days of fierce fighting in the Gaza Strip.
Benchmark crude for January delivery was up 24 cents to $87.62 per barrel in electronic trading on the New York Mercantile Exchange. The contract rose 63 cents to finish at $87.38 on the Nymex on Wednesday.
In currencies, the euro rose to $1.2859 from $1.2825 late Wednesday in New York. The dollar slipped to 82.73 yen from 82.49 yen. – AP


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