Stocks in Asia and Europe rose on indicators of economic growth.
Stock markets in the Asia-Pacific region and Europe posted gains on Thursday. This improvement is due to the recovery of the UK economy, China's recent stimulus measures and expectations around the US consumer price index.
The Hang Seng Index in Hong Kong led the positive movement in Asian markets. The October 12 increase comes after reports that China's sovereign wealth fund has increased investment in some of the country's major banks.
In Europe, the stock market's rally was bolstered by data from the United Kingdom, where reports showed economic growth in August, although some sectors still lagged.
China led Asia's biggest stock rally.
China's sovereign wealth fund announced Thursday, October 12, that it has increased its holdings in the country's four biggest banks. Bank of China shares increased by 3.2 percent, China Construction Bank by 2.7 percent, Industrial and Commercial Bank of China by 2.5 percent, and Agricultural Bank of China by 0.6 percent.
China's stimulus decisions also helped Hong Kong's Hang Seng index rise 1.9% on the day to 18,257 points, marking the benchmark index's sixth consecutive day of gains – its longest winning streak since November 2021.
Japan's Nikkei 225 index posted another 1.8% gain on Thursday to reach 32,494.66 points.
European shares hit a three-week high, led by London
Britain's economy grew 0.2 percent of GDP in August. This helped reverse the economic slide that began in July when GDP growth fell by 0.5%.
Strong economic growth for the United Kingdom helped European stock markets rise to a new three-week high. Benchmark London's FTSE 100 index was up 0.8%, France's CAC 40 was up 0.6% and the pan-European Stoxx 600 was up 0.8% on Thursday.
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