Stock market today: A mixed day for world shares as Wall Street steadies

BANGKOK– World stocks were mixed on Thursday after the latest US economic data calmed nerves on Wall Street.

US futures moved lower, with the contract for the S&The P 500 fell 0.2% and the Dow Jones Industrial Average fell less than 0.1%. The US markets will be closed on Thursday to celebrate a National Day of Mourning for former President Jimmy Carter.

In early European trading, Germany’s DAX lost 0.2% to 20,285.80, while Paris’ CAC 40 was virtually unchanged at 7,454.28. Britain’s FTSE 100 rose 0.6% to 8,302.33.

Asian markets fell mainly as caution revived over a likely deepening of trade friction once President-elect Donald Trump takes office.

Stocks fell in Tokyo after Japan reported strong wage growth for November, data that could convince the central bank to raise interest rates. The Nikkei 225 index fell 0.9% to 39,605.09, while the dollar fell against the Japanese yen. A dollar bought 158.08 yen, down from 158.36 late Wednesday.

Hong Kong’s Hang Seng index fell 0.2% lower to 19,240.89, while the Shanghai Composite index lost 0.6% to 3,211.39. The government reported that the consumer price index rose 0.1% in December from a year earlier, while wholesale and producer prices fell 2.3%, indicating demand remains weak in the world’s second-largest economy .

In Australia the S&The P/ASX 200 lost 0.2% to 8,329.20.

South Korea’s Kospi edged less than 0.1% higher to 2,521.90, despite strong gains for technology companies and automakers.

Taiwan’s Taiex fell 1.4% and India’s Sensex fell 0.7%. In Bangkok, the SET fell 1.8%.

“Investors continue to navigate the unpredictable ‘what if’ trading landscape shaped by the Trump presidency – where initial enthusiasm for tax cuts is now overshadowed by growing concerns about proposed tariffs and outlandish geopolitical ambitions, such as purchasing Greenland or exercising of more control over the Panama Canal. ,” said Stephen Innes of SPI Asset Management in a commentary.

On Wednesday, Wall Street was stable a day later strong reports on the economy ensured that inflation and interest rates could remain higher than expected.

The S&The P 500 rose 0.2% and the Dow Jones Industrial Average rose 0.3%. The Nasdaq index fell 0.1% lower. The Russell 2000 index of smaller stocks fell 0.5%.

Edison International plummeted 10.2% huge forest fires raged in the Los Angeles area. The company’s Southern California Edison said Wednesday it has turned off power to nearly 120,000 customers in six counties due to safety concerns from high winds and the risk of wildfires.

The bond market, which Wall Street has paid more attention to recently, then moved within a narrow range Fed Governor Christopher Waller said this in a speech that he still expects the central bank to cut rates further in 2025, pushing back against speculation that this could happen already after the threefold cut since September.

The yield on the two-year Treasury note, which closely tracks expectations for Fed action, fell to 4.27% from 4.29% late Tuesday. The yield on the 10-year Treasury bond, the centerpiece of the bond market, fell to 4.67% from 4.69% late Tuesday. In September it was below 3.65%.

Waller said he doesn’t expect it rates that may come under President-elect Donald Trump have a “significant or persistent effect” on inflation. And also already Inflation has recently shown persistencehe still sees a long-term downward trend.

Higher bond yields hurt stocks because they make them more expensive for companies households to borrow and by drawing some investors toward bonds and away from stocks.

Reports on the economy Wednesday added hope that cuts in short-term interest rates could spell danger the economy and increase prices for investments.

A report on Wednesday suggested that U.S. private sector employers slowed hiring in December more than expected. A more detailed jobs report will be released from the Ministry of Labor on Friday. The hope is that the jobs report will show enough strength to quell recession worries, but not so much that it will stop the Fed from cutting rates.

A separate report said Fewer American workers have filed for unemployment benefits last week than expected in the latest signal that the The labor market remains remarkably solid.

In other trades early Thursday, U.S. benchmark crude lost 16 cents to $73.16 a barrel. Brent crude, the international standard, fell 8 cents to $76.08 a barrel.

The euro fell from $1.0319 to $1.0312.