Global stock markets kicked off trading activities on high note into 2017 on Tuesday, January 3, with Asian stocks extending gains after European shares leaped to their highest in a year and the dollar resuming its climb after last week’s stumble.
European markets were also poised for a positive start on Tuesday, with financial spread better IG Markets predicting Britain’s FTSE 100 .FTSE would open 0.2 percent higher, and Germany’s DAX .GDAXI and France’s CAC 40 .FCHI would start the day up 0.3 percent.
MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS rose 0.6 percent as most regional markets reopened after the New Year holiday. It ended 2016 with a 3.7 percent gain, its best year in four.
Japan was closed for an extended New Year holiday. Australian shares were the best performers in the region, closing up 1.2 percent. Hong Kong’s Hang Seng .HSI rose 0.7 percent.
In China, both the CSI 300 index .CSI300 and the Shanghai Composite .SSEC climbed 1 percent. China was Asia’s worst performing major stock market in 2016 with a 11.3 percent loss in its worst year in five.
U.S. S&P futures ESc1 rose 0.5 percent during the Asian day. Wall Street was closed for the New Year holiday on Monday.
With Britain and Switzerland also shut on Monday, Europe’s STOXX 600 index added 0.5 percent to hit its highest level since Jan. 4, 2015.
That came on the heels of data showing manufacturers ramped up activity at the fastest pace in more than five years in December.
The positive numbers failed to shake the euro EUR=EBS out of its doldrums, with the common currency slumping 0.6 percent on Monday. It edged up 0.3 percent to $1.0486 on Tuesday.
Investors are keeping an eye on the Chinese yuan after the central bank nearly doubled the number of foreign currencies in a basket used to set the renminbi’s value, Reuters reports.
