Equity markets started the week largely on the front foot (MOHD RASFAN) <\/p>\n
Global equity markets were mixed Monday as investors await key US inflation data this week that could offer guidance on interest rate cuts long sought by President Donald Trump.<\/p>\n
Reports that semiconductor giants Nvidia and AMD would give Washington a 15-percent cut of the revenue from certain chip sales to China also bolstered expectations of a further pause on higher US tariffs against Beijing.<\/p>\n
On Monday afternoon, US media reported that Trump had signed an order to delay the reimposition of steeper tariffs on Chinese products by another 90 days, citing Trump administration officials.<\/p>\n
The White House did not respond to queries on the matter.<\/p>\n
For now, it appears that investors are awaiting new US consumer price index figures. Adam Sarhan of 50 Park Investments warned that a cooler than expected reading could still be “a double-edged sword.”<\/p>\n
While a lower inflation reading would give the Fed room to cut rates, on the other hand, “it’s not bullish because that means the economy’s slowing,” he added.<\/p>\n
Also in view is a high-stakes summit between Trump and Russian President Vladimir Putin on Friday in Alaska, which could pave the way for a Ukraine ceasefire and ease tough Western sanctions against Moscow.<\/p>\n
London’s FTSE 100 index edged higher but Paris and Frankfurt closed lower, pulled down in particular by defense stocks as investors calculated the chances of an end to the Ukraine war.<\/p>\n
Major Wall Street indices closed lower.<\/p>\n
“Markets are bracing for a surprisingly busy week, with several key events and data releases likely to shape sentiment,” notably US inflation, said Jim Reid, managing director at Deutsche Bank. <\/p>\n
Investors have ramped up their bets the Fed will lower borrowing costs at its next policy meeting in September following a series of reports — particularly on jobs — indicating weakening in the world’s biggest economy.<\/p>\n
Stocks in Hong Kong and Shanghai rose on Monday, while Tokyo was closed for a public holiday.<\/p>\n
Gold futures retreated after hitting a record high Friday, when a letter released by US customs authorities signaled the precious metal should also be subject to new US duties.<\/p>\n
But Trump said Monday that gold would not face additional tariffs.<\/p>\n
In company news, Nvidia and AMD shared both closed lower.<\/p>\n
Elsewhere, shares in Danish renewable energy firm Orsted plunged 30 percent in Copenhagen as the company said it would raise $9.4 billion by selling new shares.<\/p>\n
The company added that it dropped plans to sell a stake in its Sunrise Wind project over Trump’s decision to freeze federal permitting and loans for all offshore and onshore wind projects.<\/p>\n
Story Continues <\/p>\n
– Key figures at around 2030 GMT –<\/p>\n
New York – Dow: DOWN 0.5 percent at 43,975.09 points (close)<\/p>\n
New York – S&P 500: DOWN 0.3 percent at 6,373.45 (close)<\/p>\n
New York – Nasdaq: DOWN 0.3 percent at 21,385.40 (close)<\/p>\n
London – FTSE 100: UP 0.4 percent\u00a0at 9,129.71 (close)<\/p>\n
Paris – CAC 40: DOWN 0.6 percent at 7,698.52\u00a0(close)<\/p>\n
Frankfurt – DAX: DOWN 0.3\u00a0percent at 24,081.34\u00a0(close)<\/p>\n
Hong Kong – Hang Seng Index: UP 0.2 percent at 24,906.81 (close)<\/p>\n
Shanghai – Composite: UP 0.3 percent at 3,647.55 (close)<\/p>\n
Tokyo – Nikkei 225: Closed for a holiday<\/p>\n
Euro\/dollar: DOWN at $1.1617 from $1.1643<\/p>\n
Pound\/dollar: DOWN at $1.3435 from $1.3451 on Friday<\/p>\n
Dollar\/yen: UP at 148.12 yen from 147.79 yen<\/p>\n
Euro\/pound: DOWN at 86.47 pence from 86.54 pence<\/p>\n
Brent North Sea Crude: UP 0.1 percent at $66.63 per barrel<\/p>\n
West Texas Intermediate: UP 0.1 percent at $63.96 per barrel<\/p>\n
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