Stock market today: Global shares trade mixed after Wall Street rally, and China promises a briefing

[October 10, 2024]  By YURI KAGEYAMA

TOKYO (AP) — Global shares traded mixed Thursday after market optimism got a perk from the record highs set on Wall Street.

France's CAC 40 fell 0.4% to 7,531.90 in early trading, while Germany's DAX lost 0.3% to 19,195.69. Britain's FTSE 100 inched up less than 0.1% to 8,247.07. U.S. shares were set to drift lower with Dow futures down 0.1% at 42,755.00. S&P 500 futures fell nearly 0.2% to 5,831.00.

In Asia, Japan's benchmark Nikkei 225 edged up 0.3% to finish at 39,380.89. Australia's S&P/ASX 200 rose 0.4% to 8,223.00. South Korea's Kospi added 0.2% to 2,599.16.

Hong Kong's Hang Seng jumped 3.1% to 21,270.01 after a previous day of wild swings. Earlier in the week, the index dropped more than 9%, recording its worst loss since the global financial crisis of 2008. The Shanghai Composite surged 1.3% to 3,301.93.

After rising on hopes for stimulus to prop up the world’s second-largest economy, Chinese stocks slumped earlier this week on disappointment that more isn’t on the way. One plus was the announcement from China’s Finance Ministry it will hold a briefing Saturday that could provide details on planned government moves.

“There’s still a glimmer of hope that Beijing might swoop in with a fiscal stimulus lifeline in October to reignite growth. In short, the market is hanging in the balance, waiting for the next big move,” said Stephen Innes, managing partner at SPI Asset Management.

In the oil market, a barrel of Brent crude, the international standard, recovered to rise 49 cents to $77.07 a barrel. It briefly topped $81 early this week. Benchmark U.S. crude gained 53 cents to $73.77 per barrel.

A motorist moves past an electronic board displaying Shenzhen shares trading index at a commercial office building in Shanghai, China, Thursday, Oct. 10, 2024. (AP Photo/Andy Wong)

Earlier leaps for oil driven by worries about worsening tensions in the Middle East had helped drag the S&P 500 on Monday to its worst loss in a month.

Market watchers are paying close attention to the U.S. consumer price data for last month being released later in the day, as inflation still remains an important topic, and a key factor influencing the Federal Reserve’s decision on interest rates.

The Fed has just begun cutting interest rates from a two-decade high, as it widens its focus to include keeping the economy humming instead of just fighting high inflation.

That caused the sharp easing of rates through the summer, but recent reports have shown the U.S. economy remains stronger than expected.

In currency trading, the U.S. dollar inched up to 149.17 Japanese yen from 149.16 yen. The euro stood unchanged at $1.0945.
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AP Business Writer Stan Choe contributed.

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