​Global stocks higher on Wall Street gain, better China data

BEIJING - Global stock markets were higher Monday after Wall Street gains and better Chinese economic data helped to defuse jitters over Turkey's failed coup.

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 futures for the S&P 500 and Dow both up 0.2 percent.

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.

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.

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.

Growth in the second-largest economy held steady at 6.7 percent over a year earlier in the second quarter, supported by unexpectedly strong factory output and retail sales. That prompted suggestions that efforts to reverse a steady decline in growth are gaining traction, though some analysts warned the second half might be more challenging. "The outlook towards risk assets is further supported by better than expected China data," Citigroup analysts said in a report. "Together with stability in renminbi this is likely to diffuse the tail risks investors worry about."

Benchmark U.S. crude added 4 cents to $45.99 per barrel in electronic trading on the New York Mercantile Exchange. The contract rose 27 cents on Friday to close at $45.95. Brent crude, used to price international oils, advanced 14 cents to $47.75 per barrel in London. The contract gained 24 cents the previous session to $47.61.

The dollar rose to 105.57 yen from Friday's 104.81 yen. The euro edged up to $1.1060 from $1.1037.