Global Stocks Rise Even as China’s Manufacturing Slows

Global Stocks Rise Even as China’s Manufacturing Slows

A woman walks past a bank's electronic board showing the Hong Kong share index at Hong Kong Stock Exchange in Hong Kong Monday, Aug. 2, 2021.Vincent Yu/AP

Global stocks started the week higher Monday, even as China reported a slowdown in manufacturing activity and countries continued to be hammered by the delta variant.

Investors were spurred by encouraging earnings on Wall Street, which recently wrapped up another strong month. The S&P 500 notched six straight months of gains ending July.

France’s CAC 40 added 1% in early trading to 6,677.27 while Germany’s DAX gained 0.4% to 15,606.27. Britain’s FTSE 100 rose 0.9% to 7,096.59.

US shares were set for a positive opening, with S&P 500 futures advancing 0.6% to 4,414.75. Dow futures climbed 0.5% to 35,007.

A notable 89% of companies on the S&P 500 have beaten earnings expectations, but it is unclear if the market upswing will persist, Yeap Jun Rong of IG said.

“Guidance from several big tech companies is pointing to slower growth ahead and markets may need to find another catalyst to drive further upside,” he added.

The moves follow a buoyant Asian session, where Tokyo's Nikkei 225 jumped 1.8% to close at 27,781.02. The Kospi in Seoul rose 0.7% to 3,223.04, while