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Global stocks mostly rise as market digests China inflation data

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Agence France-Presse

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img alt="People walk past Exchange Square, the building housing the stock market in Hong Kong, China, Sept. 14, 2022. Jerome Favre, EPA-EFE/File" src="https://sa.kapamilya.com/absnews/abscbnnews/media/2022/life/11/02/exchange-square-epa-efe.jpg"/><figcaption>People walk past Exchange Square, the building housing the stock market in Hong Kong, China, Sept. 14, 2022. Jerome Favre, EPA-EFE/File</figcaption></figure></div>NEW YORK -- Global stocks mostly advanced Monday ahead of key US inflation data and after a drop in China&#x27;s producer prices pointed to more weakness in the world&#x27;s second biggest economy.After a choppy session, Wall Street indices scored modest gains, following on the heels of an advance in Europe, where equities were boosted by a drop in bond yields.&quot;There is a bit of indecision,&quot; said Angelo Kourkafas of Edward Jones, describing a &quot;waiting game&quot; for Wednesday&#x27;s US consumer price index data, a key input for Federal Reserve policy.Kourkafas said Wall Street was still in a &quot;digestion&quot; phase following the strong first half of 2023, but noted that stocks could be poised for further gains if US economic data remains good.Chinese consumer inflation flattened last month and producer prices sank, indicating the Asian giant&#x27;s economy continues to struggle.Stock traders were looking at the inflation data as increasing pressure on Beijing to step up measures to support its economy.&quot;Those inflation reports, and worries about deflation, have fueled speculation that China will soon announce additional policy stimulus measures,&quot; said Patrick O&#x27;Hare at Briefing.com.The anemic inflation data countered optimism over tech-sector developments in China.After a years-long probe, Ant Group has been hit with a near $1 billion penalty for &quot;illegal acts,&quot; while Tenpay was ordered to pay more than $400 million.Analysts said that while the figures were big, traders were cheered by the prospect that the firms could again concentrate on their businesses.In a statement, the China Securities Regulatory Commission said &quot;at present, most of the outstanding problems in the financial business of platform enterprises have been rectified.&quot;The news, announced Friday, sent the New York-listed shares of Alibaba and Tencent surging, and their Hong Kong stocks followed suit Monday.&quot;The market likes it because scrutiny looks likely to be over and the fine, though big in absolute terms, is very manageable for such a big company,&quot; said Vey-Sern Ling at Union Bancaire Privee, referring to Ant.The surge in market heavyweight tech firms lifted the Hang Seng Index more than two percent at the open Monday before closing up 0.62 percent, and there were also gains in Shanghai, but Tokyo closed lower.Besides the consumer price data, this week&#x27;s US calendar includes reports from JPMorgan Chase and other large banks, as well as from Delta Air Lines and PepsiCo.

Global stocks mostly advanced ahead of key US inflation data and after a drop in China's producer prices pointed to more weakness in the world's second biggest economy.