Printable Page Headline News   Return to Menu - Page 1 2 3 5 6 7 8 13
Financial Markets                      10/25 05:17

   Global stock markets rose Monday after Wall Street slipped and China 
tightened travel controls in some areas in response to coronavirus infections.

   BEIJING (AP) -- Global stock markets rose Monday after Wall Street slipped 
and China tightened travel controls in some areas in response to coronavirus 

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

   On Wall Street, futures for the S&P 500 index and the Dow Jones Industrial 
Average were 0.1% higher.

   The Chinese capital, Beijing, banned visitors from areas with infections in 
the past 14 days and Gansu province in the northwest closed tourist sites after 
coronavirus cases were found. China has reported a few dozen cases, but 
Beijing's response of curbing travel prompted concern that might weigh on 
economic activity that already is weakening.

   "It is a potential dark cloud if it results in widespread social 
restrictions," Jeffrey Halley of Oanda said in a report.

   In early trading, the FTSE in London rose 0.5% to 7,240.10 and the DAX in 
Frankfurt added 0.2% to 15,568.72. The CAC 40 in Paris shed less than 0.1% to 

   In Asia, the Shanghai Composite Index rose 0.8% to 3,609.86 while the Nikkei 
225 in Tokyo lost 0.7% to 28,600.41. The Hang Seng in Hong Kong added less than 
0.1% to 26,132.03.

   The Kospi in Seoul advanced 0.5% to 3,020.54 and Sydney's S&P-ASX 200 gained 
0.3% to 7,441.00.

   India's Sensex gained 0.3% to 61,019.36. New Zealand and Southeast Asian 
markets declined.

   Wall Street's S&P 500 lost 0.1% on Friday, weighed down by losses for tech 
companies after a seven-day streak of gains. The Dow gained 0.2% to a new high 
while the Nasdaq composite slid 0.8%.

   Some 65% of stocks in the S&P 500 closed higher, led mainly by financial and 
health care companies, but losses in communication and technology companies 
held the S&P 500 down. Chipmaker Intel slumped 11.7% after reporting 
disappointing revenue.

   Snapchat's parent company, Snap, plunged 26.6% after reporting weak revenue 
and disclosing that its ad sales are being hurt by a privacy crackdown that 
rolled out on Apple's iPhones earlier this year. Facebook fell 5.1% and Twitter 
lost 4.8%. Google's parent, Alphabet, declined 3%.

   The three major indexes posted their third weekly gain after investors were 
encouraged by mostly solid corporate results.

   Also Friday, Federal Reserve Chair Jerome Powell said industrial supply 
chain problems have gotten worse and will likely keep inflation elevated well 
into next year.

   Investors are looking for clues as to how companies are navigating supply 
chain problems and rising costs for materials, transportation and other goods 
and services. Many companies have warned higher costs will hurt operations.

   Powell also said the Fed isn't prepared to lift its benchmark interest rate 
from near zero. But he suggested the economy might be ready for a rate hike 
next year.

   In energy markets, benchmark U.S. crude rose 72 cents to $84.48 per barrel 
in electronic trading on the New York Mercantile Exchange. The contract rose 
$1.26 to $83.76 on Friday. Brent crude, used as the price basis for 
international oils, lost 26 cents to $85.27 per barrel in London. It rose 92 
cents the previous session to $85.53.

   The dollar gained to 113.64 yen from Friday's 113.44 yen. The euro rose to 
$1.1648 from $1.1637.

Copyright DTN. All rights reserved. Disclaimer.
Powered By DTN