Mixed global shares with European markets up, China stocks down, semiconductor gains in Japan.

From Borneo Bulletin: 2024-05-23 17:04:25

Global shares were mixed, with European markets up and most major Asian benchmarks down. France’s CAC 40 rose 0.2%, Germany’s DAX climbed 0.3%, and Britain’s FTSE 100 was flat. The S&P 500 future was up 0.5%, but Dow Jones was stable. Taiwan’s Taiex hit a record high, while Japan’s Nikkei 225 jumped 1.3%.

Semiconductor-related companies drove gains in Japan’s Nikkei 225, with Nvidia’s profit soaring above forecasts. Quarterly net income surged to $14.88 billion, and revenue tripled, reflecting the AI boom. Taiwan’s Taiex also hit a record high. Australia’s S&P/ASX 200 dropped 0.5%, and South Korea’s Kospi fell slightly.

Chinese shares declined as investors doubted new policies would resolve the property sector crisis. Hong Kong’s Hang Seng fell 1.7%, and Shanghai Composite dropped 1.3%. In the US, S&P 500 and Dow Jones fell, with Fed officials suggesting it may take longer to control inflation, sparking hopes of a rate cut.

Fed Chair Powell hinted at a rate cut, with some Fed officials open to raising rates if inflation worsens. Wall Street hopes for a rate cut this year, despite some officials stating they need to see more data. The federal funds rate remains high, with talks of a potential rate cut.



Read more at Borneo Bulletin: Global shares mixed, with China stocks down, after Wall Street retreat