World stocks rise after data drives Wall Street up

BANGKOK — World stock markets rose Thursday as worries eased that the U.S. might be slipping toward recession, while the resignation of Steve Jobs — the creative force behind Apple Inc. — sent ripples through the technology sector.

Oil prices hovered above $85 a barrel. The dollar fell against the euro but was up against the yen.

European shares rose in early trading. Britain’s FTSE 100 was 0.4 percent higher at 5,227.99 and Germany’s DAX gained 0.9 percent to 5,732.91. France’s CAC-40 rose 1.1 percent to 3,172.51.

Wall Street was set to open higher, with Dow Jones industrial futures up 0.2 percent at 11,288. S&P 500 futures rose 0.1 percent at 1,173.80.

Asian markets got a boost from U.S. data showing a surge in demand for cars and planes in July that offered an unexpectedly upbeat sign of life in the world’s biggest economy.

Japan’s Nikkei 225 climbed 1.5 percent to close at 8,772.36. Hong Kong’s Hang Seng was 1.4 percent higher to 19,744.50 as strong half-year earnings from China National Offshore Oil Corp. and Bank of China Ltd. on Wednesday boosted sentiment.

South Korea’s Kospi rose 0.6 percent to 1,764.58 and Australia’s S&P/ASX 200 was 1.1 percent higher at 4,212.80. Benchmarks in Singapore, Indonesia and Thailand also gained, while indexes in Taiwan, India and the Philippines dropped.

Shares of Asian technology companies that are direct competitors of Apple rose though the gains weren’t dramatically out of line with broader market movements.

Samsung Electronics Co. rose 2.4 percent following a court ruling in the Netherlands involving the company’s ongoing global patent fight with Apple over smartphone and tablet technology and news of Jobs’ departure. The court ruling Wednesday was seen as largely positive for Samsung.

Lee Min-hee, an analyst at Dongbu Securities in Seoul, said that Samsung could ultimately benefit from the departure of Jobs as it may erode Apple’s competitiveness in marketing and product development.

“I think it’s a good impact on Samsung Electronics in competition,” Lee said.

Samsung is both a supplier of components to Apple as well as a competitor in smartphones and tablet computers.

The resignation of Jobs, who is widely credited with turning an ailing Apple into a phenomenally successful technology company, appears to be the result of an unspecified medical condition for which he took a leave from his post in January.

Apple’s chief operating officer, Tim Cook, was quickly named CEO of the company Jobs co-founded in his garage 35 years ago and which nowadays is known for hit consumer gadgets such as the iPhone and iPad.

Taiwan’s FoxConn Technology Co., which makes the iPhone and iPad for Apple at a massive manufacturing campus in southern China, plummeted 7 percent.

Mainland Chinese shares saw their biggest gain in 10 months with the benchmark Shanghai Composite Index adding 2.9 percent to 2,615.26 while the Shenzhen Composite Index gained 1.9 percent to 1,166.79. Shares in financial, coal and real estate companies led the advance.

Property shares benefited from speculation that China’s central bank might raise down payment requirements on some home loans, which would reduce the risk of default.

“Real estate is still a good form of investment, so property companies gained today,” said Liu Kan, an analyst at Guoyuan Securities, based in Shanghai.

Poly Real Estate gained 5.4 percent while property industry leader China Vanke gained 3.4 percent.

In other sectors, mining shares were down as gold prices came off their recent highs amid improved economic news. Hong Kong-listed Zijin Mining Group, China’s largest gold miner, lost 2.7 percent. Australia’s Newcrest Mining Ltd. dropped 2 percent.

Stronger durable goods orders resulted in Wall Street reversing course to close with gains Wednesday.

The Dow added 1.3 percent to 11,320.71. The Standard & Poor’s 500 index rose 1.3 percent to 1,177.60. The Nasdaq rose 0.9 percent to 2,467.69.

The U.S. Commerce Department said orders for durable goods rose 4 percent in July, much better than the 2.4 percent increase economists had expected. The rise in orders was due to higher demand for autos and aircraft.

Benchmark oil for October delivery was up 45 cents to $85.62 in electronic trading on the New York Mercantile Exchange. Crude lost 28 cents to settle at $85.16 on Wednesday. In London, Brent crude for October delivery was up 71 cents to $110.86 on the ICE Futures exchange.

In currencies, the euro rose to $1.4457 from $1.4421 in late trading Wednesday in New York. The dollar was up at 77.06 yen from 77.01 yen.