Stock market today: Global benchmarks mostly climb despite worries about US economy

TOKYO (AP) — Global stocks were mostly higher Friday despite concerns about the economic outlook and inflation in the United States and the rest of the world.

The French CAC 40 index rose 0.3% in early trading to 8,044.04, while the German DAX index added 0.8% to 18,052.68. The British FTSE 100 index rose by about 0.4% to 8,108.91 points. US stocks were poised to rise with Dow futures rising 0.2% to 38,348.00. Standard & Poor’s 500 futures rose 0.8% to 5,121.75 points.

The Bank of Japan ended its monetary policy meeting without major changes, keeping its benchmark interest rate in a range of 0 to 0.1%. In March, he raised the key interest rate from minus 0.1%, citing signs that inflation had reached the central bank’s target of around 2%.

Japan’s Nikkei 225 index added 0.8% to 37,934.76, while the US dollar rose to 156.45 Japanese yen from 155.58 yen.

Although the weak yen is a boon for major Japanese exporters such as Toyota Motor Co., whose overseas profits are boosted when converted into yen, some Japanese officials, including Finance Minister Shunichi Suzuki, have raised concerns that an excessively weak currency is not… In favor of Japan. 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. It is worth noting that the reluctance to intervene directly in the foreign exchange market is raising doubts among investors regarding the government’s commitment to supporting the yen,” said Luca Santos, currency analyst at ACY Securities.

Australia’s S&P/ASX 200 index fell 1.4% to 7,575.90 points. South Korea’s Kospi index jumped 1.1% to 2,656.33. Hong Kong’s Hang Seng added 2.1% to 17,651.15, while the Shanghai Composite Index rose 1.2% to 3,088.64.

A report this week said that US economic growth slowed to an annual rate of 1.6% during the first three months of this year from 3.4% at the end of 2023. Concerns remain about whether the economy will be able to avoid a deep recession and support strong earnings. For businesses, even if high inflation takes some time to fully control.

Traders are largely betting that the Fed will make just one or perhaps two rate cuts this year, if any, according to data from CME Group.

In energy trading on Friday, the price of benchmark US crude rose 28 cents to $83.85 a barrel. Brent crude, the international standard, rose 20 cents to $89.21 a barrel.


AP Business Writer Stan Choi contributed.

Yuri Kageyama on X https://twitter.com/yurikageyama

Copyright 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.

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