Global stocks mostly rise, shrugging off fractious G20 meeeting

New York - Global stocks mostly rose on Monday, shrugging off misgivings over a contentious G20 meeting ahead of highly-anticipated testimony by Federal Reserve chair Janet Yellen and second quarter earnings reports later in the week.

Equity markets in Asia and Europe were generally higher, while US indices were mixed, with the Nasdaq rising and the Dow retreating slightly.

Analysts said investors were cheered by the surprisingly strong US jobs report Friday, which helped lift the dollar slightly.

The jobs data could "play nicely into the Fed's hands and strengthen their views in favour of another rate hike this year," said ADS Securities analyst Konstantinos Anthis.

Key events later this week include the congressional appearance by Yellen, who will update lawmakers on the outlook for the US economy and her expectations for additional interest rate increases in her twice-annual appearance before congressional committees.

US earnings season gets underway in earnest on Friday with reports from JPMorgan Chase and other large banks. Banks are flush with cash after clearing the Federal Reserve stress tests, raising the prospect that financial giants could turn to acquisitions as a way to grow.

A fractious Group of 20 leaders summit concluded Saturday with a communique that revealed the gulf in views on climate change, acknowledging President Donald Trump's decision to take the United States out of the 2015 Paris deal and clearly stating Washington's wish to continue using and selling fossil fuels that are a main driver of global warming.

Shares of Amazon, Facebook and Google-parent Alphabet climbed more than 1%.

Retailers, meanwhile, suffered a blow after Abercrombie & Fitch called off talks related to its possible acquisition after receiving inquiries from possible suitors.

Abercrombie plummeted 21.2%.

Shares in Wanda Hotel Development soared almost 50% after its parent said it would sell dozens of hotels and other projects to developer Sunac China Holdings in a US$9.3bn deal aimed at reducing debt.

Also in Hong Kong, state-run Cosco Shipping jumped 5.4% on news it would pay US$6.3bn for Orient Overseas International, creating a global shipping titan. Orient soared 20%.