World shares advance despite losses on Wall Street

Shares advanced in Europe and Asia on Tuesday despite mounting doubts over the U.S. economic outlook that gave some benchmarks on Wall Street another day of losses.

Signs of progress in China's effort to bring outbreaks of coronavirus under control appeared to be outweighing concern over weaker than expected U.S. and Chinese economic data.

Investors also are watching for comments by Federal Reserve officials that might provide insight into the U.S. economic outlook and future policy moves.

“Markets remain in fight or flight mode while rolling the dice on recession odds," Stephen Innes of SPI Asset Management said in a report. He added that, “traders seem to be in the mood to stay bearish until proven otherwise. However, there is still a lingering risk- on tone despite horrific Chinese data."

Germany's DAX picked up 1.3% to 14,144. and the CAC 40 in Paris gained 1.1% to 6,419.08. Britain's FTSE 100 added 0.6% to 7,506.09. The future for the S&P 500 jumped 0.9% and the contract for the Dow industrials was 0.7% higher.

Those gains followed a strong showing in Asia, where Hong Kong's Hang Seng jumped 3.2% to 20,590.99.

In Tokyo, the Nikkei 225 climbed 0.4% to 26,659.75. South Korea's Kospi rose 0.9% to 2,620.44.

Australia's S&P/ASX 200 added 0.3% to 7,115.50 while the Shanghai Composite index was 0.7% higher, at 3,093.70.

Markets are trying to gauge how companies and consumers are dealing with higher prices and whether central banks can help ease the problem. On Wall Street, the major indexes have been slipping since early April.

On Monday the S&P 500 fell 0.4% to 4,008.01. It's coming off of a six-week losing streak. The Dow Jones Industrial Average eked out a gain, rising 0.1% to 32,223.42.

The tech-heavy Nasdaq fell 1.2% to 11,662.79.

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