Global shares jump on Wall Street’s return to its highest level in over a year

Global shares rose on July 13, boosted by Wall Street’s return to its highest level in more than a year after a report showed U.S. consumer inflation cooled a bit more than expected last month.

Global shares rose on July 13, boosted by Wall Street's return to its highest level in more than a year after a report showed U.S. consumer inflation cooled a bit more than expected last month.

France's CAC 40 added 0.2% in morning trading to 7,350.45. Germany's DAX edged up 0.2% to 16,048.19. Britain's FTSE 100 gained 0.1% to 7,425.73. U.S. shares were set to drift higher with Dow futures up nearly 0.2% to 34,608.00. S&P 500 futures up 0.3% to 4,521.25.

In Asia, Japan's benchmark Nikkei 225 jumped 1.5% to finish at 32,419.33. Hong Kong's Hang Seng surged 2.6% to 19,350.62, while the Shanghai Composite gained 1.3% to 3,236.48, even as China reported a slump in trade in June.

Chinese exports tumbled 12.4% in June from a year earlier as demand weakened after the Central Bank raised interest rates to curb inflation even as Chinese leaders struggled to keep the post-COVID recovery from faltering. The customs data released July 13 showed that imports had slid 6.8%, while the trade surplus rose to $70.6 billion, from $65.8 billion in May.

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“China will likely recover at some point, but we will unlikely see the Chinese growth put severe pressure on commodity markets. That's one good news for inflation watchers,” Ipek Ozkardeskaya, senior analyst at Swissquote Bank, said in a commentary.

Australia's S&P/ASX 200 added 1.6% to 7,246.90. South Korea's Kospi rose 0.6% to 2,591.23. The Bank of Korea left its policy rate unchanged at 3.50%, as expected, but noted that the risk of inflation was accelerating again.