[ICYMI] Global equities advance on reassuring economic data
Global stock indices rose on data suggesting the Chinese and US economies are growingWorld stock markets rose on Friday with data showing the resilience of the US and Chinese economies, reassuring investors rather than sparking worries about interest rate hikes.
A strong run of data sent chills through trading floors in February -- wiping out almost all of January's rally -- as investors realised the US central bank had more work to do to control prices.
Meanwhile, the ISM services PMI in the United States was also in growth territory, dipping to 55.1 from 55.2.Falling government bond yields also helped boost equities. The German automaker reported a net profit of 15.8 billion euros for 2022, up 2.6 percent on the previous year, and expressed optimism it would sell considerably more cars this year as global supply chain problems ease."Crude oil prices initially dropped sharply from two-week highs after reports emerged of a rift between Saudi Arabia and the UAE over whether to produce more oil," said CMC Market's Hewson.
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