Stock Market Today: Global Stocks Trade Mixed After Wall Street Posts Modest Gains

TOKYO – Global stocks traded mixed on Wednesday as investors weighed recent data highlighting a slowing U.S. economy that offers both upsides and downsides for Wall Street.

France’s CAC 40 rose 0.4% to 7,966.52, while Germany’s DAX rose 0.6% to 18,516.05. Britain’s FTSE 100 rose 0.2% to 8,249.33. The Dow Jones Industrial Average future rose 0.2% and the S&P500 futures rose 0.1%.

In Asian trading, Japan’s benchmark Nikkei 225 index fell 0.9% to end at 38,490.17. S of Australia&P/ASX 200 rose 0.4% to 7,769.00. South Korea’s Kospi jumped 1.0% to 2,689.50. Hong Kong’s Hang Seng fell 0.1% to 18,424.96, while the Shanghai Composite fell 0.8% to 3,065.40.

Australia’s economy grew 0.1% in the first quarter, according to data released Wednesday, which some analysts said was weaker than expected.

“This means the RBA faces the dilemma of having growth heading south and inflation heading north,” said Tim Waterer, chief market analyst at KCM Trade, in a commentary, referring to the Australian central bank.

Japanese workers’ cash income rose 2.1% in May, more than forecast, and analysts said recent data on wage growth in Japan will become more pronounced once the results of recent spring labor talks come in. in force. to increase interest rates.

On Tuesday, S.&OP 500 rose 0.2%, although more stocks within the index fell than rose. The Dow Jones Industrial Average rose 0.4% and the Nasdaq Composite rose 0.2%.

If the US Federal Reserve decides reduce interest rates, this would ease pressure on financial markets. The risk is that the economy could overshoot and end up in a painful recession that would cause worker layoffs across the country and weaken corporate profits, dragging stock prices down.

A report released on Tuesday said the number of Job vacancies in the USA in late April it fell to the lowest level since 2021. But it followed a report released on Monday that showed the US manufacturing industry contracted in May for the 18th time in 19 months. Concerns about a slowing economy hit the price of crude oil in particular this week, raising the possibility of lower growth in fuel demand.

In energy trading, benchmark U.S. crude rose 24 cents to $73.49 a barrel. Brent crude, the international standard, rose 26 cents to $77.78 a barrel.

In currency trading, the US dollar rose to 156.22 Japanese yen from 154.84 yen. The euro cost US$1.0878, down from US$1.0883.