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Stock market: Global stocks mixed after Wall St surge, Japanese trade weakness

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BEIJING –

Global equity markets were mixed on Wednesday after Wall Street advanced on strong corporate earnings and Japanese exports weakened.

London and Shanghai fell while Tokyo and Frankfurt advanced. The future of Wall Street’s benchmark S&P 500 was below 0.1% after five days of gains.

“Market sentiment remains decidedly positive,” Oanda’s Jeffrey Halley said in a report.

Investors have been watching for inflation updates from Britain and some other European governments, fearing central banks will feel pressure to raise interest rates sooner than expected or cancel stimulus measures .

In early trading, the London FTSE 100 lost less than 0.1% to 7,210.74. The Frankfurt DAX rose 0.2% to 15,552.62 while the Paris CAC 40 fell less than 0.1% to 6,667.52.

On Wall Street, the future of the Dow Jones Industrial Average was up less than 0.1%.

On Tuesday, the S&P 500 rose 0.7% to fall within 0.4% of its all-time high on September 2. The Dow Jones and the Nasdaq rose less than 0.1%.

The Nikkei 225 in Tokyo gained 0.1% to 29,255.55 after government data showed September’s exports fell 3.9% from the previous month.

Seoul’s Kospi lost 0.5% to 3,013.13 while Sydney’s S & P-ASX 200 was up 0.5% to 7,413.70.

The Indian Sensex opened less than 0.4% higher at 61,469.75. New Zealand and Bangkok advanced while Singapore declined.

Wall Street’s gains on Tuesday were propelled by tech and healthcare stocks.

Johnson & Johnson, the largest maker of health care products, rose 2.3% after posting strong quarterly earnings and raising its profit guidance for the year.

Apple Inc. rose 1.5% and software maker Adobe 2.1%.

Investors fear that disruptions to manufacturing and shipping supply chains from the coronavirus pandemic will lower corporate profits or push up inflation.

Procter & Gamble fell 1.2% after announcing it would raise prices amid rising raw material and freight costs.

Overall, analysts polled by FactSet are forecasting 30% earnings growth for the S&P 500, up from 23% in June.

Soaring energy prices are raising concerns that tight supply could dampen economic recovery.

Also on Tuesday, the Commerce Department reported that US homebuilding fell 1.6% in September. Beazer Homes fell 2.7% and Hovnanian Enterprises fell 3%.

In energy markets, benchmark US crude fell 80 cents to $ 81.64 a barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the basis of international oil prices, fell 82 cents to $ 84.26 a barrel in London.

The dollar rose to 114.35 yen from 114.31 yen on Tuesday. The euro fell to $ 1.1628 from $ 1.1640.

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2/ https://www.ctvnews.ca/business/global-stocks-mixed-after-wall-st-rise-weak-japanese-trade-1.5630337

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