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Global Stocks Mixed Monday 05/13 04:55
World stocks were mixed on Monday after Wall Street coasted to the close of
another winning week.
HONG KONG (AP) -- World stocks were mixed on Monday after Wall Street
coasted to the close of another winning week.
European markets were little changed. Britain's FTSE 100 rose 0.1% to
8,444.23. Germany's DAX edged down by 2.40 to 18,770.45 and the CAC 40 in Paris
lost 0.1% to 8,210.88.
The future for the S&P 500 edged 0.1% higher and that for the Dow Jones
Industrial Average was less than 0.1% higher.
In Asia, the release of weak Chinese lending data and news that the U.S.
government plans to raise tariffs on a raft of Chinese exports were weighing on
sentiment.
Japan's benchmark Nikkei 225 shed 0.1% to 38,179.46. The country's first
quarter economic growth figures are due to be released on Thursday.
Hong Kong's Hang Seng rose 0.8% and ended at 19,108.78, helped by buying of
technology shares.
But the Shanghai Composite index was 0.2% lower, to 3,148.02, after China's
inflation data rose for a third straight month in April, while the producer
price index, which measures the cost of factory goods, declined for a 19th
month, the National Bureau of Statistics reported on Saturday.
New loans fell to 730 billion yuan ($100 billion) in April from 3.09
trillion yuan in March and total credit declined partly due to a lower level of
government bonds being issued. Officials said the data show demand remains weak
with the real estate sector still ailing.
The Biden administration is expected to announce this week that it will
raise tariffs on electric vehicles, semiconductors, solar equipment, and
medical supplies imported from China, according to people familiar with the
plan. Tariffs on electric vehicles, in particular, could quadruple from 25% to
100%.
These tariffs, which are expected to be announced on Tuesday, sparked
selling of some automakers. Chinese EV maker BYD's stock dropped 0.2% and NIO
slumped 2%.
South Korea's Kospi fell less than 0.1% to 2,727.21 and Australia's S&P/ASX
200 was 1 point higher to 7,750.00.
Taiwan's Taiex gained 0.7% after leading computer maker TSMC reported its
revenue surged nearly 60% in April from a year earlier. India's Sensex fell
0.6%.
On Friday, the S&P 500 rose 0.2% to 5,222.68 to finish a third straight
winning week following a mostly miserable April. Early gains shrank after a
discouraging report on U.S. consumer sentiment.
The Dow Jones Industrial Average gained 0.3% to 39,512.84, and the Nasdaq
composite edged down by 5.40 to 16,340.87.
The S&P 500 is within 0.6% of its record, helped by revived hopes the
Federal Reserve may cut interest rates this year. A flood of
stronger-than-expected reports on profits from big U.S. companies has also
helped support the market.
In the bond market, Treasury yields rose following the discouraging
preliminary report from the University of Michigan.
It suggested sentiment among U.S. consumers is weakening by much more than
economists expected, and the drop was large enough to be "statistically
significant and brings sentiment to its lowest reading in about six months,"
according to Joanne Hsu, director of the survey of consumers.
Potentially even more discouraging is that U.S. consumers were forecasting
inflation of 3.5% in the upcoming year, up from their forecast of 3.2% a month
earlier. If such expectations spiral higher, the fear is that it could lead to
a vicious cycle that worsens inflation.
In other trading, benchmark U.S. crude rose 33 cents to $78.59 a barrel in
electronic trading on the New York Mercantile Exchange. Brent crude, the
international standard, was 27 cents higher at $83.06 a barrel.
The U.S. dollar edged up to 155.88 Japanese yen from 155.70 yen. The euro
cost $1.0777, up from $1.0771.
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