Brexit progress, upbeat China, Japan data lift global shares

Kelvin Chan, The Associated Press</span>
Published Friday, December 8, 2017 12:51AM EST
Last Updated Friday, December 8, 2017 7:42AM EST

HONG KONG -- Global share indexes advanced Friday, lifted by progress toward a deal on Britain's exit from the EU and robust economic data from Japan and China.

KEEPING SCORE: Britain's FTSE 100 gained 0.1 per cent to 7,327.24 while Germany's DAX added 1.1 per cent to 13,193.05 and the CAC 40 of France rose 0.7 per cent to 5,418.64. S&P 500 futures rose 0.2 per cent and Dow futures were up 0.1 per cent, pointing to gains on Wall Street.

ASIA'S DAY: Japan's benchmark Nikkei 225 index rose 1.4 per cent to 22,811.08, while South Korea's Kospi eked out a 0.1 per cent gain to 2,464.00. Hong Kong's Hang Seng rose 1.2 per cent to 28,639.85 and the Shanghai Composite in mainland China added 0.6 per cent to 3,289.99. Australia's S&P/ASX 200 climbed 0.3 per cent to 5,994.40. Shares in Southeast Asia also gained.

BREXIT: British Prime Minister Theresa May announced that an agreement between Britain and the European Union guarantees the rights of 3 million EU citizens in the U.K. and 1 million Britons elsewhere in the bloc. It also ensures there will be no hard border between Northern Ireland and the Republic of Ireland after Brexit. The European Union's chief negotiator welcomed the breakthrough but said there was still work to be done.

CHINA TRADE: China reported strong growth in both exports and imports in November in a reassuring sign for the world's second-biggest economy. Figures posted Friday on the customs department website show exports expanded 12.3 per cent to $217.3 billion in November over the previous month, nearly double the 6.9 per cent pace recorded in October.

QUOTEWORTHY: "The upshot is that Chinese trade looks to have been surprisingly strong last month. We expect exports to continue to perform well in the coming months on the back of strong global demand," Julian Evans-Pritchard of Capital Economics said in a commentary.

JAPAN DATA: Government data showed Asia's second-largest economy expanded at an annualized 2.5 per cent in the third quarter. That's an improvement on an earlier estimate, reflecting stronger than expected business investment and rising inventories. Relatively firm wage figures also released Friday were further signs the economy is gaining momentum.

ENERGY: Oil futures retreated. Benchmark U.S. crude climbed 18 cents to $56.87 a barrel in electronic trading on the New York Mercantile Exchange. The contract added 73 cents to settle at $56.69 per barrel. Brent crude, the international standard, picked up 28 cents to $62.48 a barrel in London.

CURRENCIES: The dollar rose to 113.48 Japanese yen from 113.10 yen late Thursday. The euro dipped to $1.1743 from $1.1774.

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