Stock Market Today: World Stocks Mixed After Trump Rally, Weaker China Data

World stocks started the week trading mixed and U.S. futures rose after a shootout in former President Donald Trump’s recovery.

China reported that its economy expanded at a slower-than-expected 4.7% annual pace last quarter, when the ruling Communist Party opened a once-a-decade policy-setting meeting.

Markets appeared to take the shooting in stride Trump rally in Butler, Pennsylvania which is being investigated as assassination attempt of the presumptive Republican candidate.

Shares in Trump Media & Technology Group Corp. jumped sharply in Monday’s pre-market trading, gaining as much as 70%. They rose 52% to $46.92 per share on the Nasdaq at 6 a.m. local time in New York.

Germany’s DAX fell 0.1% to 18,721.84 and the CAC 40 in Paris fell 0.4% to 7,697.04. In London, the FTSE 100 fell 0.1% to 8,249.02.

The future for S&OP 500 and the Dow Jones Industrial Average rose 0.4%.

Investors were watching the four days meeting in Beijing for measures to help revive the sagging housing market and resolve huge local government debts.

Annual economic growth fell from 5.3% in the first quarter, but the 5% growth rate in the first half of the year was in line with the government’s forecast of growth of around 5% for 2024. In quarterly terms, the economy expanded 0.7%, down from 1.5% in the first quarter.

“The economic data set released by China this morning has not been promising ahead of its upcoming Grand Plenum, with the data once again pointing to a mixed picture for the world’s second-largest economy,” said IG’s Yeap Jun Rong in a comment.

Hong Kong’s Hang Seng fell 1.5% on Monday morning to 18,021.73 due to heavy selling by property developers. The Shanghai Composite fell less than 0.1% to 2,970.77.

The central bank kept its medium-term lending rate unchanged, as expected, at 2.5%. It is the rate that Chinese banks use to borrow from the People’s Bank of China for a period of 6 months to a year and indirectly affects other reference rates that affect interest rates on mortgages and other loans.

Markets in Tokyo were closed for a public holiday.

In Seoul, the Kospi rose 0.1% to 2,860.92, while the S&P/ASX 200 gained 0.7% to 8,017.60. Taiwan’s Taiex lost 0.2% and the SET in Bangkok fell 0.4%.

Friday on Wall Street, US stocks rose after mixed signals in the profits of big banks It is inflation It has done little to shake Wall Street’s belief that easier interest rates are on the way.

YOU&OP 500 rose 0.6%, closing out its fifth winning week in the last six. The Dow rose 0.6% and the Nasdaq Composite rose 0.6%. The Russell 2000 rose 1.1%, almost double the S&P500 gain and closed its best week in eight months.

Bank of New York Mellon rose 5.2% for one of the market’s biggest gains after reporting better spring profit than analysts expected. Nvidia and others highly influential Big Tech stocks it also helped lift the market.

The latest update on U.S. inflation said prices rose more at the wholesale level last month than economists expected, which was a disappointment after Thursday’s data indicated that inflation at the consumer level it was better than expected.

It’s the second month in a row that those expectations have declined, helping to calm concerns about a potential spiral in which expectations of high inflation could drive U.S. consumers into behavior that would drive inflation even higher. That, in turn, could give the Federal Reserve more evidence of slowing inflation that it says it needs. start cutting your prime interest ratewhich is at its highest level in more than two decades.

In other trading Monday morning, benchmark U.S. crude oil gained 14 cents to $82.35 per barrel in electronic trading on the New York Mercantile Exchange.

Brent crude, the international standard, rose 7 cents to $85.10 per barrel.

The US dollar fell to 157.88 Japanese yen from 158.16 yen on Friday. The euro rose to $1.0910 from $1.0894.