Global stocks up on strong Japan, Korea data

Beijing: Global stock markets and US futures rose Thursday after Japan and South Korea reported unexpectedly strong economic data and President Joe Biden announced a $2.3 trillion US infrastructure spending plan. London and Frankfurt rose, while Shanghai, Tokyo and Hong Kong closed higher. Japan's closely watched Tankan survey found business conditions improved more than expected. South Korea reported higher March export growth. House prices rose in New Zealand and Australian manufacturing expanded.

"Asia-Pacific released a lot of data today, including Japan's latest Tankan survey. Most of it was positive," Robert Carnell of ING said in a report. Biden announced plans to spend on broadband internet and clean energy, roads, bridges and public transit. The plan would roll back corporate tax cuts enacted under his predecessor, Donald Trump.

There was little market reaction because "investors appear to have already priced in" the spending and taxes, said Edward Moya of Oanda in a report. In early trading, the FTSE 100 in London rose 0.6 per cent to 6,754.27 and the DAX in Frankfurt added 0.5 per cent to 15,079.15. The CAC 40 in Paris gained 0.2 per cent to 6,080.08. On Wall Street, the future for the benchmark S&P 500 index was up 0.3 per cent and that for the Dow Jones Industrial Average was less than 0.1 per cent higher. On Wednesday, the S&P 500 rose 0.4 per cent while the Dow lost 0.3 per cent. The Nasdaq composite climbed 1.5 per cent.

In Asia, the Shanghai Composite Index rose 0.7 per cent to 3,466.33 and the Nikkei 225 in Tokyo advanced 0.7 per cent to 29,388.87. The Hang Seng in Hong Kong climbed 1.9 per cent to 39,929.07. The Kospi in Seoul was 0.8 per cent higher at 3,087.40 while Sydney's S&P-ASX 200 gained 0.6 per cent to 6,828.70. India's Sensex added 0.7 per cent to 49,851.16. New Zealand and Jakarta declined Southeast Asian markets advanced.