| |
Global Benchmarks Mostly Climb Friday 04/26 04:55
Global shares mostly rose Friday despite worries about the economic outlook
and inflation in the U.S. and the rest of the world.
TOKYO (AP) -- Global shares mostly rose Friday despite worries about the
economic outlook and inflation in the U.S. and the rest of the world.
France's CAC 40 edged up 0.3% in early trading to 8,044.04, while Germany's
DAX added 0.8% to 18,052.68. Britain's FTSE 100 rose nearly 0.4% to 8,108.91.
U.S. shares were set to drift higher with Dow futures gaining 0.2% to
38,348.00. S&P 500 futures rose 0.8% to 5,121.75.
The Bank of Japan ended a policy meeting with no major changes, keeping its
benchmark interest rate in a range of 0 to 0.1%. In March, it raised the key
rate from minus 0.1%, citing signs that inflation had reached the central
bank's target of about 2%.
Japan's benchmark Nikkei 225 added 0.8% to 37,934.76, while the U.S. dollar
edged up to 156.45 Japanese yen from 155.58 yen.
Although a weak yen is a boon for giant Japanese exporters such as Toyota
Motor Corp., whose overseas earnings are boosted when converted into yen, some
Japanese officials, including Finance Minister Shunichi Suzuki, have raised
concerns that an overly weak currency is not good for the Japanese economy in
the long run.
In other currency trading, the euro cost $1.0746, up from $1.0733.
"The yen's downward trajectory remains unabated. Notably, the reluctance to
intervene directly in the foreign exchange market raises doubts among investors
regarding the government's commitment to support the yen," said Luca Santos,
currency analyst at ACY Securities.
Australia's S&P/ASX 200 dropped 1.4% to 7,575.90. South Korea's Kospi jumped
1.1% to 2,656.33. Hong Kong's Hang Seng added 2.1% to reach 17,651.15, while
the Shanghai Composite rose 1.2% to 3,088.64.
A report this week said the growth of the U.S. economy slowed to a 1.6%
annual rate during the first three months of this year from 3.4% at the end of
2023. Worries are lingering whether the economy can avoid a deep recession and
support strong profits for companies, even if high inflation takes a while to
get fully under control.
Traders are largely betting on the possibility of just one or maybe two cuts
to interest rates this year by the Fed, if any, according to data from CME
Group.
In energy trading Friday, benchmark U.S. crude edged up 28 cents to $83.85 a
barrel. Brent crude, the international standard, gained 20 cents to $89.21 a
barrel.
|
|
