Stock market today: Global indexes are mixed as the US stock market remains closed
BANGKOK (AP) — World shares were mixed on Thursday as the U.S. stock market remained closed to observe a National Day of Mourning for former President Jimmy Carter.
London's FTSE 100 climbed 0.8% to 8,319.69 as the value of the British pound slid against the U.S. dollar amid worries about the United Kingdom's economy and its government's finances. A weaker pound can boost profits for U.K. exporters, which can goose their stock prices.
Germany's DAX lost 0.1% to 20,317.10, and France's CAC 40 added 0.5% to 7,490.28.
In Asia, markets mostly declined as caution revived over a likely deepening of trade friction once President-elect Donald Trump takes office.
Shares fell in Tokyo after Japan reported strong wage growth for November, data that might help persuade its central bank to raise interest rates. The Nikkei 225 index dropped 0.9% to 39,605.09.
Hong Kong's Hang Seng index edged 0.2% lower, to 19,240.89, while the Shanghai Composite index lost 0.6% to 3,211.39. The government reported that the consumer price index rose 0.1% in December from a year earlier, while wholesale or producer prices dropped 2.3%, signaling that demand remains slack in the world's second-largest economy.
In Australia, the S&P/ASX 200 gave up 0.2% to 8,329.20.
South Korea's Kospi edged less than 0.1% higher, to 2,521.90 despite strong gains for technology companies and automakers.
Taiwan's Taiex sank 1.4% and the Sensex in India was down 0.7%. In Bangkok, the SET slipped 1.8%.
“Investors continue to navigate the unpredictable ‘what if’ trading landscape molded by Trump’s presidency — where the initial enthusiasm for tax cuts is now overshadowed by mounting concerns over proposed tariffs and bizarre geopolitical aspirations, like purchasing Greenland or exerting more control over the Panama Canal,” Stephen Innes of SPI Asset Management said in a commentary.
In the United States, the bond market remained open until its recommended closure at 2 p.m. Eastern time. Yields held relatively steady following a strong recent run that has rattled the stock market.
The yield on the 10-year Treasury was sitting at 4.69% after topping 4.70% the day before, when it neared its highest level since April. It was below 3.65% in September.
Higher yields hurt stocks by making it more expensive for companies and households to borrow and by pulling some investors toward bonds and away from stocks. Yields have been climbing as reports on the U.S. economy have come in better than economists expected. Worries about possible upward pressure on inflation from tariff, tax and other policies that Trump prefers have also pushed yields higher.
The next big event for Wall Street will arrive Friday, when the U.S. Labor Department releases the latest monthly update on the nation's job market. The hope is that it will show enough strength to keep worries of a recession stifled but not so much that it keeps the Federal Reserve from continuing to cut interest rates.
U.S. benchmark crude oil rose 0.8% to settle at $73.92 per barrel. Brent crude, the international standard, rose 1% to $76.92 per barrel.