Stock market today: Global stocks are mixed as Chinese markets reopen after Lunar New Year | app
BANGKOK (`) — European stocks fell after a mixed session in Asia as Chinese markets reopened Monday after a long Lunar New Year holiday.
US futures rose slightly while oil prices fell. Markets in the United States will be closed on Monday for President's Day.
Germany's DAX lost 0.4% to 17,056.23 and the CAC 40 in Paris lost 0.5% to 7,729.47. In London, the FTSE 100 fell slightly by 0.1% to 7,705.28.
In Asian trading, Hong Kong's Hang Seng fell 1.1% to 16,155.61 on strong selling in technology and real estate stocks, despite Chinese state banks announcing numerous plans to lend billions of dollars for real estate projects.
Major developer Country Garden fell 4.2% and Sino-Ocean Group Holding fell 3.9%. China Vanke lost 3.8%.
The Shanghai Composite Index rose 1.6% to 2,910.54.
“Given China's significant influence on global trade and economic activity, the reopening of Chinese markets after the Lunar New Year typically attracts attention,” Stephen Innes of SPI Asset Management said in a report. “However, market reaction was muted, possibly influenced by the US holiday and overall quiet week for US data.”
The Nikkei 225 in Tokyo fell less than 0.1% to 38,470.38.
Shares of major video game maker Nintendo plunged 5.8% after unconfirmed reports that the successor to the Switch console would not launch within 2024.
Elsewhere in Asia, Australia's S&P/ASX 200 rose 0.1% to 7,665.10 and the Kospi in Seoul gained 1.2% to 2,680.26. Bangkok's SET gained 0.1% and India's Sensex gained 0.4%.
On Wall Street, the S&P 500 fell 0.5% on Friday from its all-time high the previous day and the Dow Jones Industrial Average fell 0.4%. The Nasdaq Composite fell 0.8%.
A report on inflation at the wholesale level was a recent reminder that the fight against rising prices is not yet over. Prices rose more in January than economists expected, and the numbers followed a similar report earlier in the week that showed the cost of living for U.S. consumers rose more than forecast.
The data kept a lid on hopes that the Federal Reserve could begin cutting interest rates in March, as traders had hoped. It also discouraged bets that the Fed could take action to ease conditions for the economy and financial markets as early as May.
Higher interest rates and returns make borrowing more expensive, slow down the economy and put pressure on investment prices.
In the meantime, there is hope that the economy remains resilient despite the challenge of high interest rates. This would allow companies to generate profit increases that could help support stock prices.
A preliminary report on Thursday suggested that U.S. consumer sentiment is improving, although not quite as much as economists had hoped. This is crucial because consumer spending makes up the majority of the economy.
In other trading, U.S. benchmark crude oil lost 82 cents to $77.64 a barrel in electronic trading on the New York Mercantile Exchange on Monday.
Brent crude, the international standard, lost 89 cents to $82.58 a barrel.
The US dollar fell to 149.92 Japanese yen from 150.16 yen. The euro slipped to $1.0776 from $1.0778.
Copyright 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.