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Stock Market Today: Global Stocks Mixed After Wall Street Hits New Record Highs
HONG KONG — Global stocks were mixed on Wednesday after US benchmarks hit new record highs following the latest signs that the US economy may be slowing down without falling into recession.
The future of the Dow Jones Industrial Average was down 0.1% while that of the S&The P 500 rose 0.1%. American markets are closed on Wednesday to mark June 16.
European stock markets opened lower. In London, the FTSE 100 index lost 0.2% to 8,177.86 after data showed that British inflation fell to the central bank's 2% target for the first time in almost three years. The data also supported market expectations that the Bank of England would keep its key rate at 5.25% at the next meeting on Thursday.
Germany's DAX slipped 0.1% to 18,109.65, while the CAC 40 in Paris lost 0.2% to 7,615.76.
Tokyo's Nikkei 225 index climbed 0.2 percent to 38,570.76 as Japanese trade data for May showed exports rose 13.5 percent while imports rose 9 .5% from the previous year, driven upward by rising prices and the weaker value of the yen against the US dollar.
Minutes from the Bank of Japan's latest policy meeting showed debate among its policymakers over whether the weak yen could push inflation even higher. Governor Kazuo Ueda has hinted that he will raise the benchmark interest rate in the coming months, depending on current economic data.
The Nikkei's moves reflect significant indecision, with the index trading in a broad consolidation phase so far, IG Asia said in a commentary.
Hong Kong's Hang Seng gained 2.9% to 18,430.39, while the Shanghai Composite Index lost 0.4% to 3,018.05 after the head of China's securities watchdog Securities said at a financial forum in Shanghai that the agency would strengthen supervision of all financial activities to prevent possible risks.
In Sydney, the S&The P/ASX 200 edged down 0.1% to 7,769.70. South Korea's Kospi jumped 1.2% to 2,797.33.
Elsewhere, Taiwan's Taiex gained 2%, while Bangkok's SET fell 1%.
Tuesday, the S&The P 500 added 0.3% to 5,487.03, setting an all-time high for the 31st time this year. The Nasdaq Composite Index edged up less than 0.1% to 17,862.23. The Dow Jones Industrial Average gained 0.2% to 38,834.86.
Nvidia was once again the star, gaining 3.5% and acting as the most powerful force pushing the S&P500 upwards. This once again took its total market value above $3 trillion.
The Commerce Department reported that retail sales rose 0.1% in May, a slower pace than economists expected, while April sales were revised downward, a decline of 0.2% from an unchanged level.
This could indicate that the main driver of the US economy, household spending, is crumbling. Inflation remains high, although it has slowed since its peak, and low-income households in particular, they have difficulty keeping up with rising prices.
In other trading Wednesday, U.S. benchmark crude oil fell 15 cents to $80.56 a barrel in electronic trading on the New York Mercantile Exchange.
Brent crude lost 17 cents to $85.16 a barrel.
The dollar fell to 157.76 Japanese yen from 157.87 yen. The euro rose from $1.0738 to $1.0736.
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