News

Global stocks higher after Wall St retreats from record

Global stocks higher after Wall St retreats from record
Business
BEIJING -- Major global stock markets were mostly higher Thursday after Wall Street retreated from a record high as major U.S. banks reported strong profits.

London and Frankfurt opened higher while Tokyo also advanced. Shanghai and Hong Kong declined.

Wall Street futures were higher after the benchmark S&P 500 index on Wednesday closed 0.4% below the previous day s record.

Goldman Sachs, JPMorgan Chase and Wells Fargo announced quarterly earnings that beat forecasts. Much of the surge was due to strong trading revenue and expectations for better economic performance, which allowed banks to free up reserves held against the possibility loans might go bad.

The results showed "investment banking and trading are strong and that the party will go on for a couple more quarters," said Edward Moya of Oanda in a report.

In early trading, the FTSE 100 in London rose 0.4% to 6,970.02. The DAX in Frankfurt added 0.3% to 15,257.13 and the CAC 40 in Paris advanced 0.2% to 6,222.15.

On Wall Street, futures for the S&P 500 and the Dow Jones Industrial Average were 0.4% higher.

On Wednesday, the Dow rose 0.2% while the Nasdaq composite dropped 1%. Apple and Amazon declined, but the majority of stocks in the S&P 500 rose.

In Asia, the Shanghai Composite Index lost 0.5% to 3,398.99 while the Hang Seng in Hong Kong declined 0.4% to 28,793.14.

The Nikkei 225 in Tokyo gained less than 0.1% to 29,642.69 and the Kospi in Seoul added 0.4% to 3,194.33.

The S&P-ASX 200 in Sydney was up 0.5% at 7,065.10 while India s Sensex lost less than 0.1% to 48,535.98.

Jakarta declined after the government reported March exports surged 30.5% over a year earlier. New Zealand also fell while Singapore advanced.

Also Wednesday, Coinbase Global, an exchange for bitcoin and other digital currencies, closed at $328.28 per share on its first trading day after surging to US$430 from an opening price of $381. At that price, investors say the company is worth more than $85 billion, more valuable than Nasdaq or Intercontinental Exchange, the owner of the New York Stock Exchange.

Investor expectations are high as other companies prepare to report quarterly profits.

Goldman Sachs rallied 2.3%, but JPMorgan Chase fell 1.9%. Wells Fargo jumped 5.5%, but only after swerving from an early-morning loss.

Also Wednesday, Federal Reserve Chairman Jerome Powell said again the U.S. central bank will wait to raise interest rates until the job market has healed and inflation is on track to stay above 2%.

In energy markets, benchmark U.S. crude lost 24 cents to $62.91 per barrel in electronic trading on the New York Mercantile Exchange. The contract rose $2.97 on Wednesday to $63.15. Brent crude, used to price international oils, shed 24 cents to $66.34 per barrel in London. It gained $2.91 the previous session to $66.58.
Read more on CTVnews
News Topics :
Similar Articles :
World
BEIJING Global stock markets were mixed Tuesday after Wall Street rose to a record as investors looked ahead to this week’s Federal Reserve meeting for assurance that U.S. interest...
World
BEIJING AP — Global stock prices were mostly higher Wednesday as investors looked ahead to U.S. data they worry will show inflation is picking up. London and Frankfurt opened higher...
Business
BEIJING Asian stock markets followed Wall Street higher on Wednesday after U.S. inflation ticked up and Japanese machinery orders fell. Shanghai, Hong Kong, Seoul and Sydney rose....
Business
BEIJING Global stock markets were mostly lower Friday after U.S. unemployment claims rose in a sign of worsening economic damage from the coronavirus pandemic while Congress is...
Business
BEIJING Most global stock markets followed Wall Street higher Wednesday after President Donald Trump downplayed his escalating tariff war with Beijing and said a settlement is possible. Benchmarks in...