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World Shares Mixed After Wall Street Records
Stock markets around the world showed a mixed performance following another record-setting day on Wall Street. European and Asian markets experienced varied movements, with Germany’s DAX edging higher while the CAC 40 in Paris fell. London’s FTSE 100, on the other hand, climbed. In the US, the S&P 500 and Dow Jones Industrial Average futures were slightly higher.
Asian Markets
In Asian trading, Japan’s Nikkei 225 reached a milestone by surpassing 41,000 for the first time, but later retreated to close lower. Chinese property and tech companies weighed on markets in Shanghai and Hong Kong, with the Hang Seng falling 2.2% and the Shanghai Composite sinking 1%. Australia’s S&P/ASX 200 also experienced a slight decline, while India’s Sensex rose.
Global Market Performance
Stocks in Bangkok and Taiwan showed mixed movements, with Bangkok’s SET shedding and Taiwan’s Taiex gaining. On Wall Street, the S&P 500 and the Dow Jones Industrial Average set new records, with three out of every four stocks in the S&P 500 gaining ground. The Nasdaq composite also rose, adding to the records set a day earlier.
Key Market Movers
Chipmakers, particularly Micron and Broadcom, played a significant role in driving the market upward. Micron surged after reporting stronger-than-expected results for its latest quarter and providing a forecast for profit that topped analysts’ estimates. Broadcom also climbed, following an investor presentation on its opportunities in AI. Reddit made a notable debut as a publicly traded stock, climbing 48.4%.
Market Influences
However, Apple faced a 4.1% slump after the Justice Department announced a sweeping antitrust lawsuit against the tech giant. Accenture also weighed on the market after reporting stronger profit for the latest quarter but falling short of profit forecasts for the full fiscal year.
Market Expectations
Amidst these market movements, the Federal Reserve’s announcement of its expectation to make three rate cuts this year helped calm some worries on Wall Street. Reports also suggested that the U.S. economy is performing better than expected, with fewer workers filing for unemployment benefits and unexpected growth in manufacturing activity.
Global Economic Indicators
Looking ahead, the U.S. is set to report personal consumption and expenditures data for February, which is the Fed’s preferred measure of inflation. The Swiss National Bank made a surprise move by trimming its key interest rate, while the Bank of England kept its main interest rate unchanged despite a sharp drop in inflation.
Commodity and Currency Markets
In commodity trading, U.S. benchmark crude oil gained slightly, while the U.S. dollar slipped against the Japanese yen and the euro.
Overall, global markets experienced mixed movements, with various factors influencing the performance of different regions. The outlook remains uncertain as investors continue to monitor economic indicators and central bank actions.
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