Global stocks mixed after Trump rally shooting, weak Chinese data

Global stocks started the week with mixed results and U.S. futures were higher after a shooting at a rally for former President Donald Trump.

China reported that its economy grew at a slower-than-expected annual pace of 4.7 percent in the latest quarter, as the ruling Communist Party opened a 10-year meeting to set economic policy.

The markets appear to have taken the shooting in stride. Trump Rally in Butler, Pennsylvania which is under investigation assassination attempt of the presumptive Republican nominee.

Shares of Trump Media & Technology Group Corp. rallied sharply Monday before the market opened, gaining as much as 70%. They were up 52% ​​at $46.92 a share on the Nasdaq as of 6 a.m. local time in New York.

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

Futures for the S&P 500 and Dow Jones Industrial Average were up 0.4%.

Investors were watching the four days meeting in Beijing for measures to revive the declining property market and tackle the huge debts of local authorities.

Annual economic growth fell 5.3% in the first quarter, but the 5% growth pace in the first half of the year is 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 slew of economic data released this morning from China was not promising ahead of their next major plenum, with the data once again pointing to a mixed picture for the world's second-largest economy, IG's Yeap Jun Rong said in a commentary.

Hong Kong's Hang Seng Index fell 1.5 percent to 18,021.73 points Monday morning, driven by heavy selling by property developers. The Shanghai Composite slipped less than 0.1 percent to 2,970.77 points.

The central bank left its medium-term lending rate unchanged, as expected, at 2.5 percent. That's the rate at which Chinese banks borrow from the People's Bank of China for six months to a year and indirectly affects other benchmark rates that affect interest rates on mortgages and other loans.

Tokyo markets were closed for a public holiday.

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

On Wall Street Friday, US stocks rose after mixed signals on the profits of the big banks And inflation That hasn't really shaken Wall Street's belief that lower interest rates are coming.

The S&P 500 index rose 0.6% to close out its fifth week of gains in the past six weeks. The Dow Jones Industrial Average rose 0.6% and the Nasdaq Composite Index gained 0.6%. The Russell 2000 index gained 1.1%, nearly double the S&P 500's gain, and closed out its best week in eight months.

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Bank of New York Mellon rose 5.2%, one of the market's biggest gains after reporting a better-than-analysts-expected spring profit. Nvidia and others Highly influential Big Tech stocks also helped to revive the market.

The latest update on U.S. inflation showed that wholesale prices rose more last month than economists had expected, a disappointment after Thursday's data showed that consumer inflation It was better than expected.

This is the second straight month that those expectations have eased, helping to ease concerns about a potential spiral in which expectations of high inflation could prompt U.S. consumers to engage in behavior that pushes inflation higher. That in turn could give the Federal Reserve more evidence of the slowdown in inflation it says it needs to start reducing your main 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 a barrel in electronic trading on the New York Mercantile Exchange.

Brent crude oil, the international benchmark, gained 7 cents to $85.10 a barrel.

The US dollar fell to 157.88 yen from 158.16 yen late Friday. The euro rose to 1.0910 dollars from 1.0894.