World stocks uneven as Europe rally on Greece fades
Source: AP
By KELVIN CHAN
HONG KONG (AP) — World stock markets were uneven Friday as Europe's rally faded while most Asian indexes advanced, led by a jump in Chinese shares, after strong U.S. earnings.
KEEPING SCORE: European stocks were mixed in early trading, with France's CAC 40 up less than 0.1 percent to 5,124.73. Germany's DAX slipped 0.1 percent to 11,705.67. Britain's FTSE 100 edged 0.1 percent lower to 6,788.61. U.S. stocks were poised to open lower, with Dow futures down 0.1 percent to 17,997.00. Broader S&P 500 futures dipped 0.1 percent to 2,115.70.
GLOBAL OUTLOOK: With bailout lenders pledging support for Greece as it moves to re-open banks, investors' fears about a Greek exit from the euro quickly faded and they were now examining other parts of the global economy. U.S. companies have posted strong second quarter results this week, offsetting fears about the weakening Chinese economy and the Fed's signal it will raise rates by the end of the year.
ANALYST INSIGHT: "Greece is on the way to becoming just background noise - at least for a while anyway," said Shane Oliver, head of investment strategy at AMP Capital. He said that declines in European and Asian stock markets give investors the chance to increase their exposure. "Some volatility is likely to remain though as we are still going through a seasonally weak period of the year for shares and a likely Fed interest rate hike lies ahead for later this year."
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