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Stocks tick up as China industrial data offsets trade woes; oil rises

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NEW YORK: Stocks across the globe were little changed on Monday as upbeat industrial data out of China and hopes for more stimulus in the United States were offset by jitters over tensions between Washington and Beijing.

Industrial output in China is returning to levels recorded before the coronavirus pandemic halted huge swathes of the economy, driven by pent-up demand, government stimulus and surprisingly resilient exports.

Talks in Washington over a U.S. fiscal stimulus package for pandemic-stricken businesses and workers caused further investor uncertainty. House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin on Sunday said they were open to resuming negotiations. "Part of the reason the S&P 500 has been held back is we're starting to see yet another rotation to value and away from growth," said Paul Nolte, portfolio manager at Kingsview Investment Management in Chicago."That tends to hold back the S&P because it's so dominated by big tech." The pan-European STOXX 600 index rose 0.30% and MSCI's gauge of stocks across the globe gained 0.15%.

"The oil complex is heavily reliant on that aid. We need people to be able to boost economic activity to spur demand," said John Kilduff, partner at Again Capital in New York.Brent settled at $44.99 a barrel and WTI at $41.94.

 

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