Asian stocks started the week in mixed trading as China reported that the economy grew at a lower-than-forecast annual pace of 4.7% in the final quarter.
Markets appeared to take the shooting at a rally for the former president in stride Donald Trumpin Butler, Pennsylvania that is being investigated as a attempted homicide of the presumptive Republican nominee.
The future for the S&The P 500 and the Dow Jones Industrial Average rose 0.2%.
Leaders of the ruling Communist Party began a four-day meeting in Beijing to set the economic strategy for the coming decade, while investors looked for measures to revive the collapsing property market and tackle the huge debts of local governments.
Annual economic growth slowed from 5.3% in the first quarter, but the 5% growth rate in the first half of the year was in line with the government’s forecast of around 5% growth for 2024. In quarterly terms, the economy grew by 0.7%.
“The economic data released from China this morning is not promising ahead of the upcoming Big Plenum, with the data again pointing to a mixed picture for the world’s second-largest economy,” IG’s Yeap Jun Rong said in a commentary.
Hong Kong’s Hang Seng fell 1.1% to 18,094.22 on Monday morning as property developers sold. The Shanghai Composite fell 0.1% to 2,969.46.
The central bank left its medium-term interest rate unchanged, as expected, at 2.5%. It is the rate at which Chinese banks borrow from the People’s Bank of China for six months to a year and indirectly influences other benchmark rates that affect interest rates on mortgages and other loans.
Tokyo markets were closed for a national holiday.
In Seoul, the Kospi lost 0.1% to 2,853.34, while the S&The P/ASX 200 rose 0.9% to 8,029.00. Taiwan’s Taiex lost 0.2% and Bangkok’s SET lost 0.4%.
US stocks rose on Wall Street on Friday after mixed signals on the profits of big banks And inflation did little to dent Wall Street’s confidence that easier interest rates are on the way.
The S&The P 500 rose 0.6 percent to close out its fifth winning week in the last six, ending at 5,615.35. The Dow rose 0.6 percent to 40,000.90 and the Nasdaq Composite added 0.6 percent to 18,398.45. All three indexes were on track to hit record highs in afternoon trading but ended just short.
The Russell 2000 rose 1.1%, nearly double the S&P500 rose, closing its best week in eight months.
Bank of New York Mellon climbed 5.2% for one of the market’s biggest gains after reporting better spring earnings than analysts had expected. Nvidia and others highly influential Big Tech stocks also helped lift the market after a decline the day before, which disrupted their rapid rise due to the frenzy surrounding artificial intelligence technology.
Wells Fargo fell 6% despite the San Francisco bank reporting higher profit than analysts had expected.
The latest update on US inflation showed wholesale prices rose more than economists had expected last month, a disappointment after Thursday’s figures showed consumer inflation. was better than expected.
It’s the second straight month that such expectations have declined, helping to calm concerns about a potential spiral in which expectations of high inflation could prompt U.S. consumers to behave in ways that would push inflation higher. That, in turn, could give the Federal Reserve more evidence of slowing inflation than it says it needs. start lowering the key interest ratewhich is the highest level in more than two decades.
Traders are pricing in a 94% probability that the Federal Reserve will cut interest rates in September, according to data from CME Group. Lower interest rates would ease pressure on the economy that has built up because of how expensive it has become to borrow money to buy housescars, or anything else on credit cards. Fed officials have said They want to see “more good data” on inflation before taking action.
In other trading, benchmark U.S. crude rose 18 cents to $82.39 a barrel in electronic trading on the New York Mercantile Exchange on Monday morning.
Brent crude, the international standard, rose 12 cents to $85.15 a barrel.
The US dollar fell to 158.03 Japanese yen from 158.16 yen on Friday evening. The euro was virtually unchanged at %1.0893.