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Global stocks higher on Wall Street gain, better China data

A man walks past an electronic board showing the Hong Kong share index outside a local bank in Hong Kong, Monday, July 18, 2016. Asian stock markets were mostly higher Monday after Wall Street ended the week up, a Turkish military coup failed and China reported better economic data. (AP Photo/Vincent Yu)
A man walks past an electronic board showing the Hong Kong share index outside a local bank in Hong Kong, Monday, July 18, 2016. Asian stock markets were mostly higher Monday after Wall Street ended the week up, a Turkish military coup failed and China reported better economic data. (AP Photo/Vincent Yu) A man walks past an electronic board showing the Hong Kong share index outside a local bank in Hong Kong, Monday, July 18, 2016. Asian stock markets were mostly higher Monday after Wall Street ended the week up, a Turkish military coup failed and China reported better economic data. (AP Photo/Vincent Yu)

By Associated Press 3 min read

BEIJING (AP) – Global stock markets were higher Monday after Wall Street gains and better Chinese economic data helped to defuse jitters over Turkey’s failed coup.

KEEPING SCORE: In early trading, France’s CAC-40 was up 0.6 percent at 4,398.52 and London’s FTSE 100 rose 0.5 percent to 6,705.45. Germany’s DAX added 0.4 percent to 10,109.22. On Friday, the CAC-40 lost 0.3 percent, while the DAX was flat and the FTSE 100 rose 0.2 percent. Wall Street looked set for more gains, with the futures for the Standard & Poor’s 500 index were up 0.3 percent and for the Dow Jones industrial average up 0.2 percent.

ASIA’S DAY: Hong Kong’s Hang Seng index advanced 0.7 percent to 21,803.18 and Sydney’s S&P-ASX 200 gained 0.4 percent to 5,458.50. India’s Sensex rose 0.3 percent to 27,908.48 and Seoul’s Kospi was up 0.2 percent at 2,021.11. Benchmarks in Singapore, New Zealand and Indonesia advanced. The Shanghai Composite Index retreated 0.4 percent to 3,043.56 and Philippine stocks also fell.

WALL STREET: All three major stock indexes ended up for a third week after the government reported stronger consumer sales. The Commerce Department said retail spending rose 2.7 percent in June from a year earlier. The Labor Department reported consumer prices rose a modest 1 percent in June from a year ago, suggesting that the Federal Reserve may take its time raising interest rates from the record lows that have helped push stocks higher. The Dow Jones industrial average gained 10.14 points, or 0.1 percent, to 18,516.55. The Standard & Poor’s 500 index slipped 2.01 points, or 0.1 percent, to 2,161.74. The Nasdaq composite lost 4.47 points, or 0.1 percent, to end at 5,029.59.

TURKEY’S COUP: Emerging market stocks were jolted by Friday’s failed coup, but financial analysts said the downturn was likely to be short. The Russian ruble, Mexican peso, South African rand and other currencies fell against the dollar. “A bit of a pullback may be in order in the wake of the Turkish coup, but the hunt for yield in this global low rate environment is likely to see funds flow back in into higher yielding EM assets,” Angus Nicholson of IG said in a report.