Global shares were mostly higher after China reported strong manufacturing data, extending an overnight rally on Wall Street.
France’s CAC 40 added 1.5% in early trading to 4,443.47. Germany’s DAX gained 2.5% to 10,063.41, while Britain’s FTSE 100 jumped 2.2% to 5,685.74.
U.S. shares were set to drift higher, with Dow futures edging up 0.6% to 22,460.20. S&P 500 futures also rose, by 0.7% to 2,645.18.
Still, it was a welcome sign of resilience amid the coronavirus pandemic.
Japan’s benchmark Nikkei 225 rose in morning trading but reversed course to dip nearly 0.9%, finishing at 18,917.01. Australia’s S&P/ASX 200 also fell back, losing 2.0% to 5,076.80, while South Korea’s Kospi picked up 2.2% to 1,754.64. Hong Kong’s Hang Seng stood at 23,603.48, up 1.9% and the Shanghai Composite inched up 0.1% to 2,750.30.
India’s Sensex jumped 3.6% to 29,467.39. Shares rose in Thailand, Indonesia and Singapore.
An official survey showed China’s manufacturing rebounded in March as authorities relaxed anti-disease controls and allowed factories to reopen. But an industry group warned Tuesday that the economy has yet to fully recover.
The purchasing managers’ index issued by the Chinese statistics bureau and an official industry group rose to 52 from February’s record low of 35.7 on a 100-point scale on which numbers above 50 show activity increasing.
The overnight rally on Wall Street tacked more gains onto a recent upswing for the market, which is coming off the best week for the S&P 500 in 11 years, albeit after falling into bear market territory. Optimism is budding that the worst of the selling may be approaching, but markets around the world are still wary as leaders work to nurse their economies through the pandemic. The S&P 500 remains 22.4% below its record set last month, and oil tumbled to an 18-year low.
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“Despite some respite for markets overnight, uncertainty remains as the spread of the COVID-19 virus continues,” said Zhu Huani at Mizuho Bank, warning against too much optimism.
“Central banks and authorities continue to step up measures to support the economy.”