Wall Street sign at the New York Stock Exchange (NYSE) on December 9, 2020 in New York City. (Photo by Angela Weiss / Agence France-Presse)

NEW YORK, United States — Global markets shrugged off Monday’s weak data from China, with some major indices hitting fresh records as traders looked ahead to corporate earnings later this week.

But oil prices fell as markets were unimpressed with a pledge by China’s finance minister to boost the world’s second-biggest economy.

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On Wall Street, all three major indices finished higher ahead of a slew of high-profile corporate earnings from companies including Netflix, Bank of America, and Goldman Sachs.

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The broad-based S&P 500 and the Dow Jones Industrial Average hit fresh records, while the tech-rich Nasdaq Composite rose on the back of a 2.4 percent increase in the share price of chipmaker Nvidia.

READ: Somber Wall Street, weaker peso stop PSEi rally

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Traders now value the US-based chip designer at more than $3.4 trillion, making it the world’s second-most valuable publicly traded company, after Apple.

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The market “just continues to sort of squeeze higher, led by primarily the mega cap stocks,” Briefing.com analyst Patrick O’Hare told Agence France-Presse.

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“You have a market that clearly is continuing to show no signs of breaking here,” he added. “And that, I think, is kind of keeping people fearful about missing out on further gains.”

One of the week’s key economic events takes place Thursday, when the European Central Bank is expected to lower interest rates again as anxiety about inflation in the eurozone fades and concerns over sluggish growth mount.

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The euro traded lower against the dollar and pound Monday.

Europe’s main equity markets closed higher, with Frankfurt at a record finish.

But oil prices slid as concerns about the outlook for China’s economy offset fears of escalating conflict in the Middle East.

“The devil is always in the detail and once again China has glossed over how it intends to accelerate economic growth,” noted AJ Bell investment director Russ Mould.

China’s finance minister Lan Fo’an on Saturday said the country would issue special bonds to bolster banks, signaling an impending spending spree to shore up the property market and ease local government debt.

Harry Murphy Cruise, an economist at Moody’s Analytics, said the announcement “ticked most of the right boxes, but it lacked detail on the scale and scope of new spending.”

“We expect more supports to be announced through the remainder of the year,” he added.

READ: Asian markets track Wall Street record to extend global rally

The Chinese authorities have in recent weeks unveiled a string of measures aimed at stimulating economic activity and shoring up the ailing property sector.

Following the latest announcement, official data Sunday showed that China’s consumer inflation rate slowed in September, a sign that demand remains fragile.

Separate figures published Monday revealed that China’s export growth slowed sharply in September, while imports remained sluggish.

Investors are eyeing further Chinese data later in the week, including on retail sales, trade and economic growth.

“While the full effects of the recent economic measures may not be immediately evident in the upcoming data releases, these figures will provide more insight into how China’s economy is faring and whether additional actions may be necessary,” said Tony Sycamore, analyst at the IG trading group.

Key figures around 2030 GMT

New York – Dow: UP 0.5 percent at 43,065.22 points (close)

New York – S&P 500: UP 0.8 percent at 5,859.85 (close)

New York – Nasdaq Composite: UP 0.9 percent at 18,502.69 (close)

London – FTSE 100: UP 0.5 percent at 8,292.66 (close)

Paris – CAC 40: UP 0.3 percent at 7,602.06 (close)

Frankfurt – DAX: UP 0.7 percent at 19,508.29 (close)

Shanghai – Composite: UP 2.1 percent at 3,284.32 (close)

Hong Kong – Hang Seng Index: DOWN 0.8 percent at 21,092.87 (close)

Tokyo – Nikkei 225: Closed for a holiday

Euro/dollar: DOWN at $1.0911 from $1.0941 on Friday

Pound/dollar: DOWN at $1.3060 from $1.3068

Dollar/yen: UP at 149.74 yen from 149.09 yen

Euro/pound: DOWN at 83.51 pence from 83.70 pence

West Texas Intermediate: DOWN 2.3 percent at $73.83 per barrel

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