World stocks mostly higher on strong economic data and China stimulus hopes

On Tuesday global stock markets mostly rose, boosted by positive data from major economies and hopes for stimulus in China.

In Europe, France’s CAC 40 added 0.2 percent to 5,092.19 in early trading and Germany’s DAX edged up 0.1 percent to 12,095.24. Britain’s FTSE 100, however, fell 0.1 percent to 6,883.22. 

In Asia, Hong Kong’s Hang Seng added 0.2 percent to 24,900.89 while China’s Shanghai Composite Index declined 1 percent to 3,747.90 after surging the day before.

Japan’s Nikkei 225 dropped 1.1 percent to 19,206.99. South Korea’s Kospi advanced 0.5 percent to 2,041.03 and Australia’s S&P/ASX 200 rose 0.8 percent to 5,891.50. Markets in Southeast Asia mostly rose.

U.S. shares were set to edge lower. S&P 500 futures dipped 0.2 percent to 2,072.10.

Market sentiment was positive due to strong data from the U.S. and Europe.

Markets are also expecting generally favorable company earnings reports. A European Commission survey has shown economic sentiment at its highest since July 2011. Consumer spending edged up in the U.S. in February following two straight monthly declines, and consumers’ incomes rose a solid 0.4 percent.

Markets were also buoyed by hopes for more economic stimulus in China. Zhou Xiaochuan, governor of the People’s Bank of China, indicated last weekend that the world’s No. 2 economy had slowed “a bit too sharply,” suggesting additional government measures might be coming.

In the commodity markets, U.S. oil was down $1.12 to $47.62 a barrel in electronic trading on the New York Mercantile Exchange. The futures contract fell 19 cents to $48.68 a barrel on Monday. Brent crude, a benchmark for international oils, was down $1.15 to $55.14 a barrel in London.

In the forex market, the euro dropped to $1.0736 from $1.0825 the previous session. The dollar rose to 120.13 yen from 120.06 yen.