Thursday, February 2, 2023

World Markets Show Mixed Movement After Wall Street Falls And Virus Concerns

BEIJING (AP) – Global Wall Street stocks and futures were mixed on Thursday as traders tried to figure out the potential impact of the latest coronavirus variant.

London and Frankfurt opened lower, while Shanghai and Tokyo fell. Hong Kong has moved forward.

It is unclear if the omicron is more dangerous than the other options. But governments have responded by tightening travel controls. This heightens concerns about the outlook for a global economic recovery.

On Wall Street, the future of the Dow Jones Industrial Average increased 0.6% and the S&P 500 rose 0.5%. The index fell 1.2% on Wednesday, despite polls showing better-than-expected hiring and manufacturing activity in November. Markets were already starting to fall when the White House announced the opening of the first omicron case in the United States.

The Dow fell 1.3% on Wednesday and the Nasdaq fell 1.8%.

In early trading on Thursday, the FTSE 100 in London lost 0.9% to 7,105.89, while the DAX in Frankfurt fell 1.4% to 15,263.35. The CAC in Paris fell 1.2% to 6798.75.

In Asia, the Shanghai Composite fell less than 0.1% to 3,573.84, while the Nikkei 225 in Tokyo fell 0.6% to 27,753.37. The Hang Seng Index in Hong Kong rose 0.6% to 23,788.93.

Seoul’s Kospi rose 1.6% to 2,945.27, while Sydney’s S & P-ASX 200 shed 0.2% to 7,225.20.

India’s Sensex rose 0.8% to 58,165.65. New Zealand and Singapore fell, and Jakarta advanced.

The latest data “has painted an optimistic picture for economic conditions, but it seems to be fading into the background as the omicron option has the potential to make a difference,” IG’s Yip Jun Rong said in a report.

Investors were already alarmed after Federal Reserve Chairman Jerome Powell said the US central bank could end stimulus earlier than expected due to persistently high inflation.

Buying Fed bonds is pouring money into the financial system, driving up stock prices. The S & P500 has more than doubled since March 2020.

In energy markets, US benchmark oil rose 87 cents to $ 66.44 in electronic trading on the New York Mercantile Exchange. The contract fell 61 cents on Wednesday to $ 65.57. Brent crude, the standard price for world oil, rose by $ 1 to $ 69.87 per barrel in London. In the previous session, it lost 36 cents to $ 68.87.

The dollar rose to 113.21 yen from 112.79 yen on Wednesday. The euro rose to $ 1.1323 from $ 1.1319.

Nation World News Desk
Nation World News Desk
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