World shares mostly gain ahead of earnings and data releases
[April 29, 2025] By
ELAINE KURTENBACH
NEW YORK (AP) — World shares were mostly higher on Tuesday after U.S.
stocks drifted to a mixed, quiet close at the start of a busy week of
corporate earnings and economic data.
Germany's DAX gained 0.7% to 22,421.79, while the CAC 40 was nearly
unchanged at 7,571.68. Britain's FTSE 100 also was holding steady at
8,416.80.
The futures for the S&P 500 and the Dow Jones Industrial Average were up
0.3%.
In Asian trading, Tokyo’s markets were closed for a holiday.
Hong Kong's Hang Seng picked up 0.2% to 22,008.11, while the Shanghai
Composite index edged 0.1% lower, to 3,286.55.
In South Korea, the Kospi jumped 0.7% to 2,565.42. Australia's S&P/ASX
200 rose 0.9%, to 8,070.60.
Taiwan's Taiex gained 1%, while the Sensex in India gained 0.3%.
Markets have gotten a respite from the sharp swings that had rocked them
as hopes rose and fell that President Donald Trump may back down on his
trade war.
The Wall Street Journal reported Monday that Trump was preparing,
following widespread speculation over the issue, to adjust his 25%
tariffs on imports of autos and auto parts.
The Trump administration appears to have made little headway in finding
a way forward with Beijing, with both sides insisting the other needs to
make the first move. Treasury Secretary Scott Bessent, speaking on CNBC,
said he believed China wants a “de-escalation” in the trade war.
"I do have an escalation letter in my back pocket, and we're very
anxious not to have to use it.”
“Maybe they'll call me one day,” Bessent told Fox news in a separate
interview.
Trump has ordered increases in tariffs on Chinese exports that combined
add up to 145%. China has struck back with import duties on U.S. goods
of up to 125%, though it has exempted some items.
Many investors believe Trump’s tariffs could cause a recession if left
unaltered.
On Monday, the S&P 500 inched up by 0.1%, extending its winning streak
to a fifth day. The Dow Jones Industrial Average added 0.3%, and the
Nasdaq composite slipped 0.1%.
[to top of second column] |
Currency traders work near a screen showing the Korea Composite
Stock Price Index (KOSPI) at the foreign exchange dealing room of
the KEB Hana Bank headquarters in Seoul, South Korea, Monday, April
28, 2025. (AP Photo/Ahn Young-joon)
 Mixed trading for some influential
tech stocks ahead of their earnings reports this week pulled the S&P
500 back and forth between modest gains and losses for much of
Monday.
Amazon fell 0.7%, Microsoft dipped 0.2%, Meta Platforms added 0.4%
and Apple rose 0.4%.
Outside of Big Tech, executives from Caterpillar, Exxon Mobil and
McDonald’s may also offer clues this week about how they’re seeing
economic conditions play out. Several companies across industries
have already slashed their estimates for upcoming profit or pulled
their forecasts entirely because of uncertainty about what will
happen with Trump’s tariffs.
A fear is that Trump’s on-again-off-again tariffs may be pushing
households and businesses to alter their spending and freeze plans
for long-term investment because of how quickly conditions can
change, seemingly by the hour.
So far, economic reports seem to show the U.S. economy is still
growing, though at a weaker pace. On Wednesday, economists expect a
report to say U.S. economic growth slowed to a 0.8% annual rate in
the first three months of this year, down from a 2.4% pace at the
end of last year.
Most reports so far have focused on data from before Trump’s
“Liberation Day” on April 2, when he announced tariffs that could
affect imports from countries worldwide.
The most jarring economic data recently have come from surveys
showing U.S. consumers are getting much more pessimistic about the
economy’s future because of tariffs. The Conference Board’s latest
reading on consumer confidence is due on Tuesday.
On Friday, a report on the U.S. jobs market which will show how many
workers employers hired during all of April.
In other dealings early Tuesday, benchmark U.S. crude oil lost 73
cents to $61.32 per barrel. Brent crude gave up 76 cents to $64.03
per barrel.
The U.S. dollar bought 142.53 Japanese yen, up from 142.02 yen. The
euro slipped to $1.1388 from $1.1422.
All contents © copyright 2025 Associated Press. All rights reserved |
