United States markets were higher in early trading on Wednesday as energy, machinery and chemicals companies got a lift from the weaker dollar. The price of oil rose after China reported weak trade figures and the World Bank cut its world growth forecasts.
KEEPING SCORE The Dow Jones industrial average rose 0.41 percent and the Standard & Poor’s 500-stock index was up 0.32 percent. The Nasdaq composite index gained 0.26 percent.
EARLY MOVERS Shares of Anadarko Petroleum rose 2.5 percent and Marathon Oil stock added 3 percent. Shares of VeriFone Systems, which makes terminals used for electronic payments, were down 28 percent after the company cut its outlook and said it would eliminate jobs.
ENERGY Benchmark United States crude gained 81 cents to $51.17 a barrel on the New York Mercantile Exchange. The contract rose 67 cents on Tuesday. Brent crude, used to price international oils, gained 95 cents to $52.39 a barrel in London. It jumped 89 cents the previous session.
EUROPEAN MARKETS In Germany, the DAX fell 0.6 percent and in France, the CAC 40 lost 0.5 percent. The FTSE 100 edged up 0.1 percent in Britain.
CHINESE TRADE China reported that exports and imports contracted again in May in a sign of weak global and domestic demand. Exports fell 4.1 percent from a year earlier compared with April’s 1.8 percent decline. Imports shrank 0.4 percent to $131.1 billion, an improvement over the previous month’s 10.9 percent fall and a better performance than forecasters expected. The weakness threatens to disrupt Beijing’s efforts to lift the economy out of a slump, potentially requiring more stimulus that would set back efforts to reduce reliance on trade and investment.
GLOBAL GROWTH The World Bank cut its forecast for this year’s global economic growth to 2.4 percent from the 2.9 percent pace projected in January. It cited sluggish growth in advanced economies, stubbornly low commodity prices, weak global trade and diminishing capital flows. It said half the revision was prompted by the struggle of commodity-exporting economies to adapt to lower prices for oil and other major commodities.
ASIA’S DAY The Nikkei 225 declined 0.9 percent in Japan, while in Hong Kong, the Hang Seng shed 0.1 percent. The Shanghai composite index fell 0.3 percent in China. The Kospi was up 0.8 percent in South Korea. In Australia, the S.&P./ASX 200 was nearly flat, while the Sensex in India was up 0.1 percent. Benchmarks in Taiwan, Singapore and the Philippines gained while New Zealand, Thailand and Indonesia declined.
CURRENCIES The dollar declined to 107.06 yen from Tuesday’s 107.31 yen. The euro edged up to $1.1384 from $1.1356.
News: THE NEW YORK TIMES
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