Stock Market Today: Global Stocks Mixed After Wall St Ends Another Winning Week

HONG KONG– World stocks were mixed on Monday after Wall Street closed out another winning week.

European markets have changed little. Britain’s FTSE 100 rose 0.1% to 8,444.23. Germany’s DAX fell 2.40 to 18,770.45 and the CAC 40 in Paris lost 0.1% to 8,210.88.

The future of S&OP 500 rose 0.1% and the Dow Jones Industrial Average was less than 0.1% higher.

In Asia, the release of weak Chinese credit data and news that the US government plans to increase tariffs on a range of Chinese exports weighed on sentiment.

Japan’s benchmark Nikkei 225 index fell 0.1% to 38,179.46. The country’s economic growth figures for the first quarter are expected to be released on Thursday.

Hong Kong’s Hang Seng rose 0.8% to end at 19,108.78, helped by buying in technology stocks.

But the Shanghai Composite index fell 0.2% to 3,148.02 after China’s inflation data rose for a third consecutive month in April, while the producer price index, which measures the cost of industrial goods, fell. for the 19th month, the National Bureau of Statistics released on Saturday.

New loans fell to 730 billion yuan ($100 billion) in April from 3.09 billion yuan in March, and total credit declined in part due to a lower level of government bond issuance. Authorities said data shows demand remains weak, with the real estate sector still struggling.

The Biden administration is expected to announce this week that it will increase tariffs on electric vehicles, semiconductors, solar equipment and medical supplies imported from China, according to people familiar with the plan. Tariffs on electric vehicles, in particular, could quadruple, from 25% to 100%.

These tariffs, which are expected to be announced on Tuesday, have generated sales for some automakers. Shares of Chinese electric vehicle maker BYD fell 0.2% and NIO fell 2%.

South Korea’s Kospi fell less than 0.1% to 2,727.21 and Australia’s S&P/ASX 200 rose 1 point to 7,750.00.

Taiwan’s Taiex gained 0.7% after leading computer maker TSMC reported that its revenue rose nearly 60% in April from a year earlier. India’s Sensex fell 0.6%.

On Friday, S.&P 500 rose 0.2% to 5,222.68, ending the third consecutive week of wins after a rather miserable April. Early gains narrowed following a discouraging report on US consumer sentiment.

The Dow Jones Industrial Average rose 0.3% to 39,512.84 and the Nasdaq composite fell 5.40 to 16,340.87.

YOU&OP 500 is within 0.6% of its record high, helped by renewed hopes that the Federal Reserve may cut interest rates this year. A flurry of stronger-than-expected earnings reports from major U.S. companies also helped support the market.

In the bond market, Treasury yields rose following the discouraging preliminary report from the University of Michigan.

It suggested that sentiment among US consumers is weakening much more than economists expected, and the drop was large enough to be “statistically significant and brings sentiment to its lowest reading in about six months,” according to with Joanne Hsu, director of the consumer survey. .

Potentially even more discouraging is the fact that US consumers expect inflation of 3.5% next year, up from the previous month’s 3.2% forecast. If these expectations increase, the fear is that this could lead to a vicious cycle that worsens inflation.

In other trading, benchmark U.S. crude rose 33 cents to $78.59 a barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the international standard, was 27 cents higher at $83.06 a barrel.

The US dollar rose to 155.88 Japanese yen from 155.70 yen. The euro cost $1.0777, up from $1.0771.