Market

World shares gain after technology-powered rally on Wall St

New York, Shares were mostly higher in Europe and Asia on Friday after technology companies powered the biggest rally on Wall Street since March, reports AP.

Investors have been encouraged by strong earnings reports, as every S&P 500 company that has reported earnings this week has beaten forecasts.

“Overall, it is safe to say that the U.S. equity market is fully in a risk-on mode and traders aren’t afraid in backing riskier assets,” Naeem Aslam of Avatrade said in a commentary.

Inflation remains a key concern, and Friday will bring an update on how higher prices may be affecting consumer spending when the Commerce Department releases retail sales for September.

TSMC, the world’s biggest chip maker, climbed 4.7% after its CEO confirmed reports it plans to open a semiconductor fabrication plant in Japan.

The Shanghai Composite index picked up 0.4% to 3,572.37. China will report its last quarter growth on Monday in another indicator of how the recovery from the pandemic downturn is progressing.

In other trading on Friday, U.S. benchmark crude oil topped $82 per barrel, gaining 72 cents to $82.03 per barrel in electronic trading on the New York Mercantile Exchange. It surged 87 cents to $81.31 per barrel on Thursday.

Brent crude, the standard for international pricing, added 83 cents to $84.83 per barrel.

The U.S. dollar strengthened to 114.27 Japanese yen from 113.67 yen late Thursday. The euro rose to $1.1606 from $1.1596.

Source: Bahrain News Agency