Global shares trade higher on moderate optimism about tech companies and global economy

TOKYO — Global shares mostly rose Friday as markets continued to be moderately optimistic about the prospects of technology companies and the relative health of global economies.

France’s CAC 40 advanced 0.5% to 7,678.10 in early trading. Germany’s DAX edged up nearly 0.1% to 18,927.74, while Britain’s FTSE 100 gained 0.3% to 8,404.82. U.S. shares were set to drift higher with Dow futures up nearly 0.2% at 41,510.00. S&P 500 futures rose 0.4% to 5,632.50.

Japan’s benchmark Nikkei 225 added 0.7% to finish at 38,647.75 after data on the world’s fourth largest economy came in mostly positive.

Industrial production rose 2.8% in July from the previous month, a rebound from minus 4.2% in June, according to Ministry of Economy, Trade and Industry. That was weaker than what the market had expected, but a sign of growth. In other findings, the unemployment rate rose to 2.7% in July, up from 2.5% in June.

Tokyo consumer prices rose more than expected to 2.6% year on year in August, up from 2.2% in July, as prices of food and utilities surged. That’s almost certain to catch the attention of the Bank of Japan as it mulls when to raise interest rates, a move that’s expected later this year or early next year.

Australia’s S&P/ASX 200 gained 0.6% to 8,091.90. South Korea’s Kospi added 0.5% to 2,674.31. Hong Kong’s Hang Seng surged 1.1% to 17,989.07, while the Shanghai Composite rose 0.7% to 2,842.21.

The mostly solid U.S. earnings and economic growth updates are capping off a month of encouraging reports for the broader economy. Data from various reports in August have shown that retail sales, employment and consumer confidence remain strong.

The key report this week comes on Friday, when the U.S. government releases its July data on inflation with the PCE, or personal consumption and expenditures report. Economists expect the PCE, which is the Federal Reserve’s preferred measure of inflation, to show that inflation edged up to 2.6% in July from 2.5% in June. It was as high as 7.1% in the middle of 2022.

Hopes are growing for the Federal Reserve to start cutting its benchmark interest rate. Traders expect the first cut to happen at the next meeting in September. The market is betting that the Fed will cut its benchmark rate by 1% by the end of the year.

In energy trading, benchmark U.S. crude gained 41 cents to $76.32 a barrel. Brent crude, the international standard, rose 38 cents to $80.32 a barrel.

In currency trading, the U.S. dollar fell to 144.99…