Global benchmarks mostly rise ahead of US Fed chair's speech

TOKYO (AP) — Global shares mostly rose Thursday, as market optimism got a boost from a rally on Wall Street on better-than-expected profit reports from major companies.

France's CAC 40 rose 0.4% to 7,556.62 in early trading, while Germany's DAX added 0.4% to 18,515.22. Britain's FTSE 100 rose 0.4% to 8,314.16. U.S. shares were set to drift higher with Dow futures rising 0.1% to 41,055.00. S&P 500 futures gained nearly 0.1% to 5,646.50.

Trading is likely to stay relatively quiet ahead of the annual conference of central bankers at Jackson Hole, Wyoming, where Federal Reserve Chair Jerome Powell will give a much-anticipated speech on Friday. The hope is he’ll offer clues about how deeply and quickly the Fed will begin cutting interest rates in September after it jacked them to a two-decade high to beat inflation.

Japan’s benchmark Nikkei 225 added 0.7% to finish at 38,211.01. Australia’s S&P/ASX 200 rose 0.2% to 8,027.00.

South Korea’s Kospi rose 0.2% to 2,707.67 after the Bank of Korea decided at its monetary policy meeting to keep rates unchanged. The vote to keep the base rate the same at 3.50% was unanimous, according to the bank's statement.

Hong Kong’s Hang Seng edged up 1.4% to 17,641.00, while the Shanghai Composite fell 0.3% to 2,848.77.

Worries have been growing about whether shoppers in the United States can keep up their spending and keep the slowing economy out of a recession. Inflation is slowing, but prices remain much higher than before the pandemic.

A preliminary revision released by the U.S. government suggested the economy created 818,000 fewer jobs in the year through March than earlier reported. That’s a big number and adds to evidence of a cooling job market.

In energy trading, benchmark U.S. crude rose 4 cents to $71.97 a barrel. Brent crude, the international standard, edged up 18 cents to $76.23 a barrel.

In currency trading, the U.S. dollar rose to 145.68 yen from 145.14 yen. The euro cost $1.1138, down from $1.1153.

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AP Business Writer Stan Choe contributed.

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Yuri Kageyama is on X: https://x.com/yurikageyama

A currency trader gestures near a screen showing the Korea Composite Stock Price Index (KOSPI) and the foreign exchange rate between U.S. dollar and South Korean won, top right, at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Thursday, Aug. 22, 2024. (AP Photo/Ahn Young-joon)

A currency trader passes by a screen showing the Korea Composite Stock Price Index (KOSPI) at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Thursday, Aug. 22, 2024. (AP Photo/Ahn Young-joon)

Currency traders work near a screen showing the Korea Composite Stock Price Index (KOSPI), top left, and the foreign exchange rate between U.S. dollar and South Korean won, top center, at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Thursday, Aug. 22, 2024. (AP Photo/Ahn Young-joon)

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