Resources lead stock gains as oil, metals advance

Resources lead stock gains as oil, metals advance
Published: 31 July 2017
Anglo American Plc, Rio Tinto Plc and BHP Billiton Plc underpinned the advance in the Storks Euro 600 Index as miners also propelled the MSCI All Country World Index toward a ninth month of gains. HSBC Holdings Plc spurred lenders after reporting earnings that beat estimates. West Texas crude briefly traded above $50 a barrel for the first time since May after OPEC said the group and its partners will meet next week to discuss production cuts.

Copper led industrial metals higher after manufacturing data from China showed another expansion. Stocks have rallied to unprecedented levels globally this year as evidence emerged of a resilient worldwide economy.

Investors are assessing economic numbers from the world's top three economies, with China's official factory gauge showing continued expansion in June, albeit slipping amid government efforts to curb financial risks. Japan's industrial output rebounded in June, while data Friday showed the US economy accelerating in the second quarter.

Corporate earnings remain of interest, with Apple Inc., Tesla Inc., Berkshire Hathaway Inc. and Toyota Motor Corp. set to unveil results this week. HSBC's second-quarter profit beat analysts' estimates as outgoing chief executive Stuart Gulliver boosted revenue while also trimming costs, and the lender said it will spend up to $2 billion buying back stock.

- Bloomberg
Tags: Mining, Oil, Gas,


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