SEOUL, South Korea (AP) — Global stock markets were higher Tuesday as investors brushed off a second straight session of big losses for tech stocks on Wall Street a day before the Federal Reserve is expected to raise interest rates.
KEEPING SCORE: European stocks opened higher with Britain’s FTSE 100 up 0.2 percent to 7,526.40 and France’s CAC 40 advancing 0.5 percent to 5,264.30. Germany’s DAX gained 0.6 percent to 12,760.34. Futures showed Wall Street opening with modest gains. S&P futures added 0.2 percent while Dow futures added 0.1 percent.
ASIA’S DAY: Asian markets finished mostly higher. Japan’s Nikkei 225 dipped 0.1 percent to 19,898.75 but South Korea’s Kospi rose 0.7 percent to 2,374.70. Hong Kong’s Hang Seng advanced 0.6 percent to 25,852.10 while the Shanghai Composite Index climbed 0.4 percent to 3,153.74. Australia’s S&P/ASX 200 jumped 1.7 percent to 5,772.80. Share benchmarks in Taiwan, Singapore and Indonesia were higher.
ANALYST’S TAKE: “The theme remained centered on the sell-off for tech stocks at the start of the week, though Asian markets could find some relief,” said Jingyi Pan, a market strategist at IG in Singapore. “While the extent to which this decline may sustain remains uncertain at the current moment, the move has not triggered a more widespread decline.”
FED WATCH: The Federal Reserve will meet Tuesday and Wednesday, and investors expect the central bank to raise interest rates for the third time since December. Super-low unemployment, gains in factory output and other economic data pointing to a recovery in the U.S. economy have led investors to believe that the Fed will lift rates.
OIL: Benchmark U.S. crude added 23 cents to $46.31 per barrel on electronic trading in New York Mercantile Exchange. The contract added 25 cents to close at $46.08 a barrel on Monday. Brent crude, used to price international oils, added 24 cents to $48.53 per barrel in London. It closed up 14 cents at $48.29 a barrel in the previous session.
CURRENCIES: The dollar rose to 110.16 yen from 109.95 and the euro strengthened to $1.1208 from $1.1204. The British pound stabilized after its recent tumble and was trading at $1.2709.