New York, Global stocks rose on Friday after JP Morgan's results kicked off the U.S. corporate earnings season in style, while signs of stabilization in China's economy helped riskier assets amid talk that the growth outlook worldwide is better than thought.
Chinese data showed exports rebounded in March, lifting U.S. and euro zone bond yields to three-week highs and helping offset weaker imports and reports of another cut to German growth forecasts.
Investors are looking for signs of a Chinese economic recovery to temper global growth worries, especially after the International Monetary Fund this week downgraded its 2019 world economic outlook for the third time.
U.S. stocks rallied on JPMorgan and an 11.5% jump in Walt Disney Co shares, which lifted the Dow Industrials by 1% and helped the S&P 500 total return index post a record close.
MSCI's gauge of equity market performance in 47 countries gained 0.46%, while the EURO STOXX 50 index rose 0.36%.
JPMorgan's quarterly earnings easily beat analyst estimates, easing fears that slowing economic growth could weigh on results. JPMorgan's shares rose 4.69% and led a broad rally in bank stocks, with the KBW banking index gaining 1.94%.
Regional lenders in Europe, including StanChart, Deutsche Bank, BNP Paribas and Credit Suisse, also rallied on JPM's results, taking the European bank index up 1.9 percent to a five-month high.
Source: Saudi Press Agency