Morning Briefing: Stocks higher on Chinese data, oil remains strong

Morning Briefing: Stocks higher on Chinese data, oil remains strong

Morning Briefing: Stocks higher on Chinese data, oil remains strong Stocks higher on Chinese data, oil remains strong
Equities are generally higher Friday as positive consumer price data from China boosted sentiment and oil prices have advanced further.

Oil was up more than 1 per cent in early trading with US crude above $51.

Asian indexes closed with gains after data showed China’s CPI gained 1.9 per cent in September, up from 1.6 per cent in August and 30 basis points above expectations.

Thailand’s stocks jumped more than4 per cent despite news of the death of the country’s king. Japan’s Nikkei was up on a relatively weak yen but Australia’s ASX was the notable exception to the region’s gains as materials and financials dipped, leading to a slim loss.

European indexes have been lifted by the Chinese data and miners and car makers both gained. Most of the major markets are trending higher.

Wall Street and Toronto are expected to open higher. US advance retail sales data and a speech in Boston by Fed Chair Janet Yellen will be in focus.
 
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North America (previous session)
US Dow Jones 18,098.94 (-0.25 per cent) +0.18 per cent +5.95 per cent
TSX Composite 14,643.71 (+0.17 per cent) +1.93 per cent +5.54 per cent
 
Europe (at 4.30am ET)
UK FTSE 7,024.20 (+0.67 per cent) +5.26 per cent +12.04 per cent
German DAX 10,525.56 (+1.07 per cent) +1.48 per cent +6.21 per cent
 
Asia (at close)
China CSI 300 3,305.85 (+0.10 per cent) +2.07 per cent -2.94 per cent
Japan Nikkei 16,856.37 (+0.49 per cent) +1.46 per cent -5.78 per cent
 
Other Data (at 2.30am ET)
Oil (Brent) Oil (WTI) Gold Can. Dollar
52.42
(+0.75 per cent)
51.03
(+1.17 per cent)
1257.50
(-0.01 per cent)
U$0.7581
 
Aus. Dollar
U$0.7617

 
Obama administration takes aim at ‘earnings stripping’
US corporates have been put on notice that the practice of avoiding domestic taxes by sending earnings to overseas subsidiaries – known as earnings stripping – will be outlawed.

As a passing shot across the bows of companies who move to other jurisdictions to avoid higher US tax rates, the Obama administration has announced the rule will come into force.

However, business groups and corporates say that it may harm cash management of multinationals and the rule is likely to face a court challenge.