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Friday, October 1, 2010

World stocks go up as China manufacturing jumps

World stock markets rose Friday as stronger development in Chinese manufacturing suggested the world's No. 2 economy isn't slowing as sharply as feared.
European markets opened higher, following Asia's advance, while oil prices extended gains to increase above $80 a barrel on hints in U.S. economic indicators of stronger demand for fuel.
Providing a lift to sentiment was news that growth in China's manufacturing gathered pace in September, easing fears of an important slowdown in the world's No. 2 economy. Japan added to the optimism by reporting a fall in unemployment.
Economic indicators from the U.S. were also brighter: Chicago area manufacturing jumped in September, first-time claims for unemployment benefits fell more than expected last week, and second-quarter economic development was revised slightly higher.
In New York on Thursday, the Dow Jones industrial standard fell 47.23 points, or 0.4 percent, to 10,788.05 as investors locked in profits.
Benchmark oil for November release rose 63 cents to $80.60 a barrel in electronic trading on the New York Mercantile Exchange. The contract raised $2.11 to settle at $79.97 a barrel on Thursday.

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