|
World Shares Mostly Up on S&P Record 03/28 04:50
European shares opened higher after a mixed trading session in Asia on
Thursday following another record close for the S&P 500.
BANGKOK (AP) -- European shares opened higher after a mixed trading session
in Asia on Thursday following another record close for the S&P 500.
Germany's DAX added 0.1% to 18,500.63. In Paris, the CAC 40 gained 0.4% to
8,240.07. In London, the FTSE 100 was up 0.3% at 7,957.26.
The future for the S&P 500 was 0.1% lower and that for the Dow Jones
Industrial Average was little changed.
The dollar remained strong against the Japanese yen and Chinese yuan, a
trend that has unsettled regulators in both Tokyo and Beijing.
The dollar rose to 151.45 yen from 151.30 yen. The euro slipped to $1.0803
from $1.0828.
On Wednesday, the dollar rose to nearly 152 yen, its lowest level since
1990, and Japanese officials reiterated their desire for stability in exchange
rates.
"As the yen continues to show vulnerability, market participants will be
vigilant for any hints of possible intervention in the currency market by
Japanese policymakers," Anderson Alves of ActivTrades said in a commentary.
The dollar bought 7.2286 yuan. It also has weakened against the dollar in
recent weeks.
"We continue to think that policymakers in China and Japan will do enough to
keep their currencies from weakening much further, but the risk of a break
lower in one, or both, is increasing," Jonas Goltermann of Capital Economics
said in a report.
In Tokyo, the Nikkei 225 lost 1.5% to 40,168.07. The Kospi in Seoul also
fell, shedding 0.3% to 2,745.82.
Chinese markets recouped losses from the day before. Hong Kong's Hang Seng
index gained 0.9% to 16,541.42, while the Shanghai Composite advanced 0.6% to
3,010.66.
Australia's S&P/ASX 200 jumped 1% to 7,896.90. India's Sensex added 1.6% and
Taiwan's Taiex slipped 0.3%.
In Bangkok, the SET gave up 0.3%.
On Wednesday, the S&P 500 climbed 0.9% to a record 5,248.49 in its first
gain since setting its last all-time high on March 21.
The Dow Jones Industrial Average surged 1.2% to 39,760.08, and the Nasdaq
composite gained 0.5% to 16,399.52. Both finished a bit shy of their own
records.
Merck climbed 5% after federal regulators approved its treatment for adults
with pulmonary arterial hypertension, a rare disease where blood vessels in the
lungs thicken and narrow.
Shares of Trump Media & Technology Group rose another 14.2%. The company
behind the money-losing Truth Social platform has zoomed well beyond what
critics say is rational, as fans of former president Donald Trump keep pushing
it higher.
GameStop tumbled 15% after delivering a profit for the latest quarter and a
drop in revenue from the prior year. It's the original meme stock, predating
Trump Media by years.
This week's highlight for markets may arrive Friday, when the U.S.
government releases the latest monthly update on spending by U.S. consumers. It
will include the measure of inflation that the Federal Reserve prefers to use
as it sets interest rates.
Both the U.S. bond and stock markets will be closed for Good Friday. That
could cause some anticipatory trades to bunch up on Thursday, the last trading
day of the year's first quarter.
The S&P 500 is on track for a fifth straight winning month and has been
roaring higher since late October. The U.S. economy has remained remarkably
resilient despite high interest rates meant to get inflation under control.
Plus, the Federal Reserve looks set to start lowering interest rates this year
because inflation has cooled from its peak.
But critics say a broader range of companies will need to deliver strong
profit growth to justify the big moves in prices. Progress on bringing
inflation down has also become bumpier recently, with reports this year coming
in hotter than expected.
Still, the broad expectation among traders is for the Federal Reserve to
begin cutting its main interest rate in June.
Stocks generally tend to do the best when more than half the world's central
banks are easing interest rates, according to Ned Davis Research. The world is
not there yet, but several central banks have already begun cutting recently,
like Switzerland's, and it could happen later this year.
In other trading, U.S. benchmark crude oil gained 24 cents to $81.59 per
barrel in electronic trading on the New York Mercantile Exchange. Brent crude,
the international standard, added 15 cents to $85.56 per barrel.
|
|