sunny.png
Sunday July 3rd, 2022 7:40PM

Global stocks mixed after US retail data offset rate fears

By The Associated Press
Related Articles
  Contact Editor

BEIJING (AP) — Global stock markets were mixed and Wall Street futures were lower Wednesday after positive U.S. retail sales data helped to offset concern the Federal Reserve might consider more rate hikes to cool inflation.

London and Frankfurt opened lower. Tokyo and Seoul advanced, while Shanghai declined. Oil prices rose more $1 to stay above $110 per barrel.

On Wall Street, the future for the S&P 500 index was down 0.4% after the market benchmark rose by 2% on Tuesday. That came after positive U.S. retail sales data helped to offset worries about inflation and rate hikes.

The Fed will “have to consider moving more aggressively” if inflation that is running at a four-decade high fails to ease after earlier rate hikes, chair Jerome Powell said at a Wall Street Journal conference.

Expectations of rate hikes “ticked higher” due to Powell's comments, but “markets are shrugging it off and are in need of a breather” after a selloff, Yeap Jun Rong of IG said in a report.

In early trading, the FTSE 100 in London fell less than 0.1% to 7,514.29 and the DAX in Frankfurt shed 0.1% to 14,170.91. The CAC 40 in Paris sank 0.3% to 6,413.78.

On Wall Street, the future for the Dow Jones Industrial Average was off 0.3%.

On Tuesday, the Dow rose 1.3% and the Nasdaq composite gained 2.8%.

Big tech stocks led the rally. Apple and Microsoft were among the biggest winners.

In Asia, the Shanghai Composite Index lost 0.3% to 3,085.96 while the Hang Seng in Hong Kong rose 0.2% to 20,644.28 after spending most of the day in negative territory.

The Nikkei 225 in Tokyo gained 0.9% to 26,911.20 after the government reported economic output shrank 0.2% in the first three months of 2022. That was stronger than expectations.

The Kospi in Seoul gained 0.2% to 2,625.98 and Sydney's S&P-ASX 200 advanced 1% to 7,182.70.

India's Sensex was off less than 0.1% at 54,281.05. Bangkok declined while New Zealand and other Southeast Asian markets rose.

U.S. investors on Tuesday welcomed a Commerce Department report that showed retail sales rose 0.9% in April.

Consumers are providing critical support to the U.S. economy despite higher costs for gas, food and rent. The economy contracted in the first three months of the year, but consumer and business spending still increased at a healthy pace.

The Fed and other central banks are raising interest rates that have been near zero during the coronavirus pandemic or say they plan to in order to cool inflation. Supply chain problems have prompted businesses to raise prices on everything from food to clothing as demand rebounds after the pandemic.

Oil and gas prices have been pushed up by Russia's war on Ukraine, which fueled fears Russian supplies might be disrupted.

In energy markets, benchmark U.S. crude rose $1.97 to $114.37 per barrel in electronic trading on the New York Mercantile Exchange. The contract fell $1.80 on Tuesday to $112.40. Brent crude, the price basis for international oil trading, added $1.52 to $113.45 per barrel in London. It lost $2.31 the previous session to $111.93.

The dollar declined to 129.21 yen from Tuesday's 129.42 yen. The euro sank to $1.0512 from $1.0543.

  • Associated Categories: Associated Press (AP), AP Business, AP Business - Economy, AP Business - Financial Markets, AP Business - Industries, AP Business - Utilities
© Copyright 2022 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
Global stocks mixed after US retail data offset rate fears
Global stock markets are mixed and Wall Street futures lower after positive U.S. retail sales data helped to offset concern the Federal Reserve might consider more rate hikes to cool inflation
5:11AM ( 19 minutes ago )
Tight Pennsylvania GOP Senate race; Mastriano wins gov nod
Donald Trump’s choice for Pennsylvania governor has won his primary, and his Senate pick is locked in an exceedingly close contest as the former president works to expand his hold on the Republican Party
5:10AM ( 20 minutes ago )
German ex-leader Schroeder loses privileges over Russia ties
Germany’s three governing parties plan to strip former Chancellor Gerhard Schroeder of his office and staff after he maintained and defended his long-standing ties with Russia despite the war in Ukraine
5:04AM ( 26 minutes ago )
Associated Press (AP)
Europe's push to cut Russian gas faces a race against winter
Europeans are basking in the warmth of spring, but their governments are in a race against winter
3:42AM ( 1 hour ago )
NATO chief hails 'historic moment' as Finland, Sweden apply
NATO Secretary-General Jens Stoltenberg says that Finland and Sweden have applied for membership amid concerns over Russia’s war on Ukraine
3:06AM ( 2 hours ago )
UK inflation hits 40-year high amid Russia's war in Ukraine
Britain’s inflation rate rose to the highest level in 40 years last month as Russia's war in Ukraine fueled further increases in food and fuel prices
2:42AM ( 2 hours ago )
AP Business
Live updates | Ukraine moves to abandon Azovstal steel plant
Ukrainian President Volodymyr Zelenskyy says Ukraine is working to get its remaining troops safely out of the Azovstal steel plant
6:28PM ( 11 hours ago )
House Dems propose $28 million to address formula shortage
House Democrats have unveiled a $28 million emergency spending bill to address the shortage of infant formula in the United States
5:19PM ( 12 hours ago )
Powell: Fed to keep hiking rates until it controls inflation
Chair Jerome Powell has underscored the Federal Reserve’s determination to keep raising interest rates until it has brought inflation under control
4:43PM ( 12 hours ago )
AP Business - Economy
Fall of Mariupol appears at hand; fighters leave steel plant
The fall of Mariupol appears at hand as Ukraine is moving to abandon a sprawling steel plant where its soldiers had held out under relentless bombardment for months, which would make it the biggest city to fall into Russian hands
10:48PM ( 6 hours ago )
Wall Street opens higher, led by rebounding tech stocks
Stocks are opening higher on Wall Street Tuesday, led by a rebound in the highly volatile technology sector
9:56AM ( 19 hours ago )
Censure vote vs. Sri Lankan leader fails as crisis simmers
Sri Lanka’s governing party has defeated a move in Parliament to urgently debate a motion that would censure President Gotabaya Rajapaksa for the nation’s worst economic crisis
9:39AM ( 19 hours ago )
AP Business - Financial Markets
Environmentalists oppose more life for California nuke plant
Dozens of environmental and anti-nuclear organizations are opposing any attempt to extend the operating life of California's last running nuclear power plant
5:05PM ( 12 hours ago )
Environmental groups oppose longer life for CA nuclear plant
Dozens of environmental and anti-nuclear organizations are opposing any attempt to extend the operating life of California's last running nuclear power plant
3:57PM ( 13 hours ago )
AP Interview: Scottish leader stresses independence, NATO
Scotland's leader says the Russian war in Ukraine only makes Scotland’s drive for independence from the U.K. more important
3:14PM ( 14 hours ago )
AP Business - Industries
Buffett's firm reveals new stakes in Paramount, Citigroup
Warren Buffett’s company has revealed all the investment moves it made in the first quarter, when it spent more than $51 billion on stocks
8:31PM ( 1 day ago )
Live updates | Ukrainian fighters evacuated from steel plant
A Ukrainian military official says more than 260 fighters have been evacuated from a steel plant in the city of Mariupol and taken to Russian-controlled areas
6:17PM ( 1 day ago )
Biden praises Greece for leadership after Russia invasion
President Joe Biden is thanking Greek Prime Minister Kyriakos Mitsotakis for his country’s “moral leadership” in the aftermath of Russia’s invasion of Ukraine
6:09PM ( 1 day ago )
AP Business - Utilities
Tight Pennsylvania GOP Senate race; Mastriano wins gov nod
Donald Trump’s choice for Pennsylvania governor has won his primary, and his Senate pick is locked in an exceedingly close contest as the former president works to expand his hold on the Republican Party
5:10AM ( 20 minutes ago )
German ex-leader Schroeder loses privileges over Russia ties
Germany’s three governing parties plan to strip former Chancellor Gerhard Schroeder of his office and staff after he maintained and defended his long-standing ties with Russia despite the war in Ukraine
5:04AM ( 26 minutes ago )
Will Turkey upend NATO expansion? US officials seek clarity
Turkish President Recep Tayyip Erdogan is taking an increasingly tough line against the NATO membership bids of Finland and Sweden despite far less strident statements from some of his top aides
4:55AM ( 35 minutes ago )
EXPLAINER: What's behind difficult Taiwan-China relations?
U.S. authorities say the gunman behind an attack on a church in southern California in which one person was killed and five injured was motivated by a hatred for Taiwan
4:31AM ( 58 minutes ago )
Ukraine hopes to swap steel mill fighters for Russian POWs
Ukrainian fighters extracted from the last bastion of resistance in Mariupol were taken to a former penal colony in enemy-controlled territory, and a top military official hoped they could be exchanged for Russian prisoners of war
4:20AM ( 1 hour ago )