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Global stock prices rise as investors hunt for bargains

London: World stocks advanced energetically yesterday as investors hunted for bargains following heavy losses caused by anxiety over the deepening US-China trade war. “The trade spat is far from over, but while the rhetoric and the actions have been dialled down, traders are swooping in snapping up relatively cheap stocks,” said David Madden at CMC. Positive export data out of China calmed Asian nerves early in the day, causing equities in the region to rise. Then equity markets in Europe, taking their cue from Asian strength, powered ahead to post solid gains by the close. “The fightback continues in the wake of the global selloff”, said Joshua Mahony, senior market analyst at IG. London’s FTSE 100 closed 1.2% up at 7,285.90 points, Frankfurt’s DAX 30 ended 1.7% up at 11,845.41 points and Paris’ CAC 40 finished 2.3% higher at 5,387.96 points, while the EURO STOXX 50 closed 2.0% up at 3,375.38 points.
MSCI’s world stocks index, which tracks shares in 47 countries, rose 0.22%. It remains down 1.6% for the week and more than 3% since the start of August.
E-Mini futures for the S&P 500 gained 0.22%, pointing to a stronger open on Wall Street.
American stock markets built on a rebound seen late Wednesday when they “were able to climb out of a deep hole”, as Charles Schwab analysts put it.



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