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Stock market today: Global stocks mixed as central banks delay rate cuts

Stock market today: Global stocks mixed as central banks delay rate cuts
Stock market today: Global stocks mixed as central banks delay rate cuts


HONG KONG (AP) European markets opened higher on Thursday after a mixed day of weak trading in Asia after US markets closed on June 19.

In London, the FTSE 100 index gained 0.2% to 8,218.75, as investors focused on the Bank of England's key rate decision expected later in the day. The central bank is expected to keep its main interest rate at 5.25%, its highest level in 16 years, even after data released on Wednesday showed UK inflation had fallen to the 2% target level. from the central bank in May, for the first time in almost three years.

Germany's DAX rose 0.6% to 18,180.98 and the CAC 40 in Paris rose 0.6% to 7,612.35.

The Swiss National Bank cut its main policy rate by a quarter of a percentage point, citing a decline in underlying inflationary pressures despite a slight rise in some costs such as rents, tourism services and petroleum products. The reduction to 1.25%, from 1.5%, will come into force on Friday, the SNB said in a statement.

Ahead of the reopening of US markets, the future of the Dow Jones Industrial Average was little changed while that of the S&P 500 rose 0.4%.

In Asian trading, Tokyo's Nikkei 225 index gained 0.2% to 38,633.02.

Hong Kong's Hang Seng fell 0.5% to 18,335.32. The Hang Seng technology index fell 1.7%, after jumping 3.7% on Wednesday, following Nvidia's progress. The Shanghai Composite index fell 0.4% to 3,005.44.

The Chinese yuan was trading at its lowest level this year, with the central parity rate pegged at 7.1192 yuan to the U.S. dollar, according to China's foreign exchange system.

The central parity rate is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day. Downward pressure on the yuan is a complicating factor in China's efforts to use its monetary policy to spur lackluster growth in the world's second-largest economy.

China's central bank on Thursday maintained its benchmark rate on one-year loans at 3.45% and its prime rate on five-year loans at 3.95%. The prime rate for one-year loans serves as the benchmark for most business and household loans, while the five-year rate is used as the benchmark for home mortgages.

Meanwhile, markets were digesting comments from People's Bank of China Governor Pan Gongsheng, who told a financial forum in Shanghai that China would maintain its accommodative monetary policies to support the economy. Comments by Pan and other Chinese officials about reforming and improving China's markets appear to have had little impact on stock prices.

In Sydney, the S&P/ASX 200 index was little changed at 7,769.40, while South Korea's Kospi gained 0.4% to 2,807.63.

Elsewhere, Taiwan's Taiex gained 0.9%, while Bangkok's SET fell 0.5%.

Also on Thursday, the Indonesian central bank kept its key rate at 6.25%. Indonesia's currency, like many Asian currencies, has weakened against the dollar, slowing moves by its central bank to cut rates, S&P Global Market Intelligence said in a report.

In other trading, benchmark U.S. crude oil fell 12 cents to $80.59 a barrel in electronic trading on the New York Mercantile Exchange. Brent crude added 8 cents to $85.15 a barrel.

The dollar fell from 158.10 Japanese yen to 158.42 yen. The euro rose from $1.0745 to $1.0721.




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