World stocks boosted by signs of China recovery

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Associated Press

Posted on November 22, 2012 at 3:04 AM

Updated Thursday, Nov 22 at 4:02 AM

BANGKOK (AP) — U.S. stock markets are closed today but international exchanges rose after a survey showed that China's manufacturing expanded for the first time in 13 months.

It's seen as rare good news for the struggling global economy. Sentiment also benefited from a cease-fire agreement between Israel and Hamas in the Gaza Strip.

Analysts at HSBC say the recovery is still in its early stages and remains fragile.

Investors are also expecting a resolution to the U.S. "fiscal cliff" of tax increases and government spending cuts that are set to take effect Jan. 1 unless Congress and the Obama administration reach a deal first.

Benchmark crude oil rose and is inching toward $88 per barrel. The dollar fell against the euro and the yen.

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