Global Stocks Climb

Global stocks edged higher Monday following a week of strong gains for financial markets.

The Stoxx Europe 600 rose 0.2% in early trade, led by a 0.8% rise in Germany's DAX index.

Chinese shares saw strong gains earlier Monday amid signs of reform in the telecommunications sector and stimulus measures from Beijing. The Shanghai Composite was up over 4% and Hong Kong's Hang Seng Index rose 0.7%. Japan's markets were closed for a holiday.

The moves come after a sharp rally in global stocks last week following a rebound in oil prices and the prospect of continued accommodative policy from the U.S. Federal Reserve.

Wall Street stocks ended higher Friday, sending the Dow Jones Industrial Average to its best weekly performance since February on gains in energy companies and expectations for a prolonged period of ultralow U.S. interest rates. Low interest rates in the U.S. have boosted global stock markets over the past several years.

"Markets are boosted by the prospect of no rate increase, despite the fact that this suggests that the economy is therefore weaker than previously thought," said Craig Erlam, senior market analyst at Oanda.

At a meeting of the International Monetary Fund over the weekend, central bank officials urged the Federal Reserve to proceed with its rate increase in order to reduce uncertainty. Fed Vice Chairman Stanley Fischer said Sunday that the U.S. central bank is taking a cautious approach in light of developments overseas and the effect of higher interest rates on emerging markets.

Looking ahead, investors are awaiting key economic data releases later in the week including retail sales and consumer prices data.

Meanwhile, the third-quarter earnings season is set to continue with major financial firms J.P. Morgan Chase & Co, Bank of America Corp., Wells Fargo and Co., Citigroup Inc. and Goldman Sachs Group Inc. due to report this week.

In currencies, the euro fell slightly against the dollar to $1.1371.

In commodities, Brent crude was up 0.9% at $53.41 a barrel. Gold was up 0.7% at $1164.10 per troy ounce.

Write to Riva Gold at [e-mail]

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(END) Dow Jones Newswires

October 12, 2015 04:35 ET (08:35 GMT)

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