Global markets update: US stocks rise, European shares end flat
The global stock markets were mixed on Monday with US equities closing higher and European stocks flat. China’s lower-than-expected gross domestic product (GDP) target weighed on investors’ sentiment across the globe.
US stocks pared early gains on Monday after yields on US 10-year treasury rose.
The S&P 500 rose 0.26%. The Dow Jones Industrial Average gained 0.14% and the Nasdaq Composite edged up 0.27%.
Treasury yields surged after data showed new orders for US-manufactured goods in January fell less than expected.
European shares also pared their gains after European Central Bank (ECB) officials indicated more interest rate hikes. After an initial rise, the STOXX 600 index ended flat on Monday.
China has set an economic growth target for this year at around 5%, lower than last year’s 5.5% GDP target.
This week investors are bracing for key events like—the testimony from Federal Reserve chairman Jerome Powell to Congress on Tuesday and Wednesday; and US jobs data for February on Friday.
Apart from Powell’s testimony, decisions on policy rates from central banks of Japan, Australia and Canada are also due this week.
Asian shares were mostly higher on Monday. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.44%.
Hong Kong’s Hang Seng index rose less than 0.1%. Shanghai Composite index fell 0.2%.
Japan’s Nikkei index soared 1.11%.
South Korea’sKOSPI gained 1.1%.
Gold prices fell on Monday after hitting near three-week high.
Spot gold dropped 0.5% at $1,846.54 per ounce by 1956 GMT.
Spot silver dipeed 1.1% to $21.01 per ounce.
Crude oil prices rose on Monday on hopes of rising demand from China.
Brent crude futures for May delivery rose 35 cents to $86.18 a barrel.
The benchmark US crude oil for April delivery rose 78 cents to $80.46 a barrel.
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