Log in

Stock market today: Global shares trade mixed after Wall Street rally, and China promises a briefing

Posted 10/10/24

Global shares are trading mixed after market optimism got a perk from the record highs set on Wall Street. Shares fell in early Thursday trading in France and Germany and were little changed in …

You must be a member to read this story.

Join our family of readers for as little as $5 per month and support local, unbiased journalism.


Already have an account? Log in to continue.

Current print subscribers can create a free account by clicking here

Otherwise, follow the link below to join.

To Our Valued Readers –

Visitors to our website will be limited to five stories per month unless they opt to subscribe. The five stories do not include our exclusive content written by our journalists.

For $6.99, less than 20 cents a day, digital subscribers will receive unlimited access to YourValley.net, including exclusive content from our newsroom and access to our Daily Independent e-edition.

Our commitment to balanced, fair reporting and local coverage provides insight and perspective not found anywhere else.

Your financial commitment will help to preserve the kind of honest journalism produced by our reporters and editors. We trust you agree that independent journalism is an essential component of our democracy. Please click here to subscribe.

Sincerely,
Charlene Bisson, Publisher, Independent Newsmedia

Please log in to continue

Log in
I am anchor

Stock market today: Global shares trade mixed after Wall Street rally, and China promises a briefing

Posted

TOKYO (AP) — Global shares traded mixed Thursday after market optimism got a perk from the record highs set on Wall Street.

France's CAC 40 fell 0.4% to 7,531.90 in early trading, while Germany's DAX lost 0.3% to 19,195.69. Britain's FTSE 100 inched up less than 0.1% to 8,247.07. U.S. shares were set to drift lower with Dow futures down 0.1% at 42,755.00. S&P 500 futures fell nearly 0.2% to 5,831.00.

In Asia, Japan's benchmark Nikkei 225 edged up 0.3% to finish at 39,380.89. Australia's S&P/ASX 200 rose 0.4% to 8,223.00. South Korea's Kospi added 0.2% to 2,599.16.

Hong Kong's Hang Seng jumped 3.1% to 21,270.01 after a previous day of wild swings. Earlier in the week, the index dropped more than 9%, recording its worst loss since the global financial crisis of 2008. The Shanghai Composite surged 1.3% to 3,301.93.

After rising on hopes for stimulus to prop up the world’s second-largest economy, Chinese stocks slumped earlier this week on disappointment that more isn’t on the way. One plus was the announcement from China’s Finance Ministry it will hold a briefing Saturday that could provide details on planned government moves.

“There’s still a glimmer of hope that Beijing might swoop in with a fiscal stimulus lifeline in October to reignite growth. In short, the market is hanging in the balance, waiting for the next big move,” said Stephen Innes, managing partner at SPI Asset Management.

In the oil market, a barrel of Brent crude, the international standard, recovered to rise 49 cents to $77.07 a barrel. It briefly topped $81 early this week. Benchmark U.S. crude gained 53 cents to $73.77 per barrel.

Earlier leaps for oil driven by worries about worsening tensions in the Middle East had helped drag the S&P 500 on Monday to its worst loss in a month.

Market watchers are paying close attention to the U.S. consumer price data for last month being released later in the day, as inflation still remains an important topic, and a key factor influencing the Federal Reserve’s decision on interest rates.

The Fed has just begun cutting interest rates from a two-decade high, as it widens its focus to include keeping the economy humming instead of just fighting high inflation.

That caused the sharp easing of rates through the summer, but recent reports have shown the U.S. economy remains stronger than expected.

In currency trading, the U.S. dollar inched up to 149.17 Japanese yen from 149.16 yen. The euro stood unchanged at $1.0945.

___

AP Business Writer Stan Choe contributed.