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Stock market today: Global stocks mixed after Biden drops out of 2024 race
European markets opened higher on Monday after President Joe Biden dropped out of the 2024 race, while Asian stocks mostly fell.
Biden announced his withdrawal from the 2024 presidential race Sunday and endorsed Vice President Kamala Harris to take on former President Donald Trump, adding to uncertainties about the future of the world's largest economy.
Biden's decision had little impact on financial markets, Stephen Innes of SPI Asset Management said in a commentary.
U.S. yields and the dollar opened slightly lower in Asia but then rebounded, suggesting investors were fully aware of the outcome. The odds of a Trump victory haven't changed much either, he said.
Most of the disturbances of a massive technological failure Friday's issue appears to have been resolved over the weekend.
The German DAX rose 0.8% to 18,311.32 points in early trading and the CAC 40 in Paris gained 0.8% to 7,596.64 points. In London, the FTSE 100 gained 0.5% to 8,194.82 points.
The future of S&The P 500 rose 0.3% and the Dow Jones Industrial Average gained 0.1%.
In Asian trading, Japan's benchmark Nikkei 225 index fell 1.2% to 39,599.00.
In Hong Kong, the Hang Seng index gained 1.3% to 17,635.88 and the Shanghai Composite Index fell 0.6% to 2,964.22 after China's central bank unexpectedly cut its benchmark one-year lending prime rate, or LPR, which is the standard benchmark for most corporate loans, to 3.35% from 3.45%.
The People's Bank of China cut the five-year prime lending rate, a benchmark for mortgages, to 3.85 percent from 3.95 percent, in a bid to boost slowing growth and emerge from a prolonged property slump.
This comes after the government recently announced that the economy had grown at a slower than expected 4.7% annual rate in the second quarter.
Elsewhere in Asia, Australia S&The P/ASX 200 fell 0.5% to 7,931.70 and South Korea's Kospi lost 1.1% to 2,763.51.
Friday, the S&The P 500 index fell 0.7%, capping its first week of decline in three weeks and its worst week since April. The Dow Jones Industrial Average fell 0.9%, while the Nasdaq Composite plunged 0.8%.
Friday's moves came as major breakdown disturbed flights, banks and even doctor appointments anywhere in the world. Cybersecurity firm CrowdStrike said the issue believed to be causing the outage was not a security incident or cyberattack and that it had deployed a patch. The company said the problem was a faulty update sent to computers running Microsoft Windows.
Crowd strikes The stock fell 11.1%, while Microsoft lost 0.8%.
The outage affected check-in procedures at airports around the world, causing long lines of frustrated passengers.
In other trading Monday morning, benchmark U.S. crude oil was unchanged at $78.64 a barrel in electronic trading on the New York Mercantile Exchange.
Brent crude oil, the international benchmark, gained 7 cents to $82.70 a barrel.
The US dollar fell from 157.49 to 156.64 Japanese yen. The euro rose from 1.0877 to 1.0892 dollars.
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