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May 26, 2017

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Global stocks on the rebound after Portuguese bank scare

BEIJING/HONG KONG--Global stocks rebounded Monday from jitters about a struggling Portuguese bank as investors looked ahead to a busy week of data releases in the U.S., China and Europe.

Oil fell but stayed above US$100 after tumbling more than US$2 last week amid expectations more Libyan crude will soon hit markets.

In Europe, Germany's DAX added 0.8 percent to 9,742.95 and France's CAC-40 rose 0.6 percent to 4,341.37. Britain's FTSE 100 gained 0.6 percent to 6,731.64.

On Wall Street, futures for the Dow Jones industrial average and the broader Standard & Poor's 500 both were up 0.3 percent.

Traders regained confidence following concern about the soundness of Portugal's Espirito Santo International, which reportedly missed a debt payment last week, echoing issues that spawned Europe's debt crisis.

Asian shares rose Monday as traders awaited a flurry of key economic data this week including Chinese growth figures that will shed light on the strength of the world's second largest economy.

Tokyo stocks gained 0.88 percent, or 132.78 points, to finish at 15,296.82, snapping a five-day losing streak, as the weaker yen

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