Global stocks climb as Europe worries set aside after strong Wall Street gains

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World stocks carried by Wall Street momentum

MILAN — World markets climbed Wednesday after U.S. manufacturing data helped drive up Wall Street and as investors focused on growth outside of debt-troubled Europe.

In Europe, Britain’s FTSE 100 rose 0.2 percent to 5227.42, Germany’s DAX was up 0.1 percent to 6183.64 and France’s CAC-40 added 0.03 percent to 3662.75. Futures pointed to a lackluster open on Wall Street, however, with Dow futures off 39 points, or 0.4 percent, at 10.352.

“Bullish manufacturing data out of the US yesterday gave something of a leg-up to commodity prices and as a result Wall Street rallied hard into the close,” Ben Potter of IG markets wrote in a note. “The positive sentiments have continued through the Asian session and the natural progression will be for European markets to find some strength.”

He cited some risks to big oil companies after President Barack Obama’s vowed to make BP pay for the devastating oil spill.

Shares in BP PLC slipped in London trading ahead of what promises to be a tense meeting between the oil company’s chairman and Obama in Washington.

BP shares were down 0.5 percent at 340.25 pence ($5.03) on the London Stock Exchange after briefly trading higher. They had traded at about 655 pence before the April 20 explosion which killed 11 workers on the drilling rig.

Spanish shares were down 0.5 percent after local daily El Economista reported that the International Monetary Fund and European Union are preparing liquidity assistance for Spain. Finance ministry officials in Spain denied the report.

The euro edged down, however, to $1.2291 from $1.2321.

In Asia, gains were broad-based and strong. Japan’s Nikkei 225 stock average rose 179.26, or 1.8 percent, to 10,067.15, breaking above the key 10,000 level for the first time in almost a month.

Australia’s ASX/S&P 200 advanced 1.2 percent to 4,559.00, the Kospi in South Korea gained 0.9 percent to 1,705.33 and Singapore’s benchmark rose 1 percent to 2,846.05. Financial markets in Hong Kong, mainland China and Taiwan were closed for the last day of public holidays.

World markets have dropped along with the euro since May amid growing concerns that weaker European countries such as Greece would default on debt. Investors also were afraid that the budget cuts that countries such as Greece, Spain and Portugal have had to implement will slow their economic growth. The concern was that growth across the continent and the rest of the world would also be hurt.

The gains outside Europe suggest investors there have started to put aside some of their unease about Europe and focus on continuing signs of strength in Asia and the U.S.

In New York Tuesday, the Dow Jones industrials climbed 2.1 percent to 10,404.77 — its highest close since May 19 — after Boeing Co. said it was boosting production and an industry group forecast that demand for computers would increase.

The broader Standard & Poor’s 500 index advanced 2.4 percent to 1,115.23, and the tech-dominated Nasdaq composite index surged 2.8 percent to 2,305.88.

In Tokyo trade, Japanese exporters benefited from a weaker yen against the euro. Canon Inc. jumped 3.9 percent and Sony Corp. added 1 percent.

Nintendo Co. surged 5.2 percent after the company unveiled a 3-D version of its popular handheld gaming device. In an effort to stay ahead of its rivals, Nintendo also announced Tuesday updates to classic game franchises like “Donkey Kong” and “Kirby” at the E3 Expo in Los Angeles.

Higher commodities prices sent resource names higher in Australia, with miner BHP Billiton Ltd. gaining 2.1 percent.

In currencies, the dollar rose to 91.68 yen from 91.52 yen in New York late Tuesday.

Benchmark crude for July delivery was down 20 cents at $76.73 a barrel in electronic trading on the New York Mercantile Exchange. The contract rose $1.82 to settle at $76.94 on Tuesday.