Global shares bounce back on strong China economic data

A man walks past an electronic board showing Hong Kong share index outside a bank in Hong Kong, Tuesday, June 5, 2018. Asian markets were mixed Tuesday as tit-for-tat exchanges and an impasse in trade talks between the U.S. and China left investors jittery about the future. (AP Photo/Kin Cheung)
A man stands in front of an electronic board showing Hong Kong share index outside a bank in Hong Kong, Tuesday, June 5, 2018. Asian markets were mixed Tuesday as tit-for-tat exchanges and an impasse in trade talks between the U.S. and China left investors jittery about the future. (AP Photo/Kin Cheung)
A woman walks past an electronic board showing Hong Kong share index outside a bank in Hong Kong, Tuesday, June 5, 2018. Asian markets were mixed Tuesday as tit-for-tat exchanges and an impasse in trade talks between the U.S. and China left investors jittery about the future. (AP Photo/Kin Cheung)

SINGAPORE — Shares were mostly higher in Europe on Tuesday after a mixed day in Asia, as strong economic data from China suggested global growth is on the uptick.

KEEPING SCORE: European shares rose in early trading. Germany's DAX rose 1.1 percent to 12,906.82 and France's CAC 40 added 0.6 percent to 5,505.34. Britain's FTSE 100 dropped 0.4 percent to 7,709.90. Wall Street was poised to open higher. Dow futures added 0.2 percent to 24,851.00 and broader S&P 500 futures gained 0.2 percent to 2,751.00.

ASIAN SCORECARD: Japan's benchmark Nikkei 225 index rose 0.3 percent to 22,539.54 and South Korea's Kospi gained 0.3 percent to 2,453.76. Hong Kong's Hang Seng rose 0.3 percent to 31,093.45. The Shanghai Composite in mainland China gained 0.7 percent to 3,114.21, but Australia's S&P/ASX 200 dipped 0.5 percent to 5,994.90. Taiwan's benchmark fell but Southeast Asian indexes were mostly higher.

POSITIVE DATA: China's Caixin Services PMI, a survey of service industry purchasing managers, which was released early Tuesday, had a reading of 52.9 for May. This was unchanged from the previous month, indicating modest growth in the world's second largest economy. The upturn appeared to be driven by domestic demand, while orders for Chinese exports fell.

QUOTEWORTHY: "Investors are selling safe havens and putting more into risky assets and equities. Data released in the U.S and China has boosted Asian stocks," said Francis Tan, an economist at UOB Bank.

ENERGY: Oil futures were mixed with speculation that OPEC would raise supply at a summit later this month. U.S. crude gave up 4 cent to $64.71 per barrel in electronic trading on the New York Mercantile Exchange. The contract lost 1.6 percent to settle at $64.75 per barrel on Monday. Brent crude, used to price international oils, lost 70 cents to $74.59 in London.

CURRENCIES: The dollar rose to 109.77 yen from 109.58 yen in late trading Monday. The euro weakened to $1.1697 from $1.1719.

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