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Stock Market Today: European Stocks Up, Asian Stocks Mostly Down on Weaker Chinese Factory Data
BANGKOK (AP) Stocks opened mixed Monday in Europe as markets recovered from losses following recent election upheavals in the region.
In France, where victories by far-right parties have increased pressure on President Emmanuel Macron, the CAC 40 index rose 0.2% to 7,516.49.
Germany's DAX edged up 0.1% to 18,049.00 and London's FTSE 100 slipped 0.1% to 8,141.68.
Last week, the French CAC 40 lost 6.2%, its worst decline in more than two years. The German DAX lost 1.4%.
European Union leaders were meeting for a dinner summit to take stock of the European election results and weigh up candidates for the bloc's top jobs.
The elections from June 6 to 9 saw the European Parliament swing to the right. Voters have dealt a blow to the ruling parties in the most powerful countries, France and Germany, and investors fear it could weaken the European Union, block budget plans and ultimately harm the economy. France's ability to pay its debt.
Recent elections have also shaken markets in Mexico, India and elsewhere.
In Asian trading, stocks fell mainly after China kept its policy rate unchanged and announced a slowdown in industrial production in May, with the property market still in the doldrums.
Tokyo's Nikkei 225 index lost 1.8% to 38,102.44 and in Seoul the Kospi fell 0.5% to 2,744.10. The Australian S&P/ASX 200 index fell 0.3% to 7,700.30.
Hong Kong's Hang Seng finished flat at 17,936.12, while the Shanghai Composite index lost 0.6% to 3,015.89.
Industrial production fell 5.6% in China in May, the government reported, below analysts' forecasts and slowing from 6.7% the previous month. Retail sales rose just 4.1% in the first five months of the year.
Overshadowing these poor figures, real estate investment fell 10% in May from a year earlier, while property prices in major cities fell 3.2%.
Real estate sales plunged 30.5% year-on-year, further proof that a series of measures aimed at trying to remedy the crisis in the real estate sector have not yet taken effect.
Most Southeast Asian markets were closed for holidays, while Thailand's SET lost 1.8% ahead of several key court rulings expected Tuesday in cases against the ruling party or its allies.
Early Monday, the S&P 500 index was down 0.1% while the Dow Jones Industrial Average lost 0.2%.
On Friday, US stocks held around their record highs, with the S&P 500 and Dow Jones down 0.1%. The Nasdaq Composite Index added 0.1% to its record set the day before on gains in technology stocks, closing at 17,688.88.
U.S. stocks set records as hopes grew that inflation would slow enough to convince the Federal Reserve to cut interest rates later this year. Meanwhile, big tech stocks continue to advance almost independently of developments in the economy and interest rates.
In other trading Monday, U.S. benchmark crude oil lost 8 cents to $77.97 a barrel in electronic trading on the New York Mercantile Exchange.
Brent crude, the international standard, fell 6 cents to $82.56 a barrel.
The US dollar fell from 157.39 Japanese yen to 157.68 Japanese yen. The euro rose from $1.0705 to $1.0713.
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