Markets Right Now: European Stocks, Oil Price Push Higher – ABC News

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The Latest on Financial Markets (all times local):

11:05 a.m.

European stocks are rising as an increase in oil prices and upbeat Germany economic data offset concerns over a drop in Chinese exports and imports.

Britain’s FTSE 100 is up 0.5 percent at 6,158 on Monday, while Germany’s DAX has risen 1.8 percent to 10,051. France’s CAC 40 has firmed 1.2 percent to 4,354.

Factory orders in Germany rose by a strong 1.9 percent in March compared to the previous month. The report showed an increase from outside Europe, suggesting the global economic slowdown may not be hurting Europe’s largest economy as much as feared.

Meanwhile, the price of crude continues to rise, helping energy stocks, after a change of leadership in Saudi Arabia’s oil ministry and amid wildfires in one of Canada’s key oil-producing regions. The U.S. benchmark crude contract was up $1 at $45.66 a barrel.


7:00 a.m.

Asian stocks are mixed Monday after China’s trade contracted in April and U.S. job growth came in weaker than expected.

The Shanghai Composite Index tumbled 2.3 percent to 2,847.68 points and Taiwan, New Zealand and Indonesia also fell. Tokyo’s Nikkei 225 gained 0.7 percent to 16,216.03 and Hong Kong’s Hang Seng added 0.5 percent to 20,203.60. Sydney’s S&P ASX-200 gained 0.1 percent to 5,294.90. The benchmark in Singapore also gained.

China’s trade shrank in April in a sign of weak global and domestic demand despite government stimulus efforts, with exports contracting by 1.8 percent in April from a year earlier and imports down 10.9 percent.

Disappointing jobs data fueled speculation the Federal Reserve might keep interest rates low for another year.

Investors are watching to see if Philippine voters side with the front runner in elections Monday, a foul-mouthed mayor who has pledged to wipe out corruption.

Benchmark U.S. crude gained 79 cents to $45.45 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude, used to price international oils, advanced 56 cents to $45.94 in London.

The dollar advanced to 107.55 yen from Friday’s 107.11 yen. The euro edged lower, to $1.1400 from $1.1410.