Global stocks flat as investors await earnings from heavyweights

Global stocks were mostly flat on Monday as investors awaited more earnings updates this week from heavyweight companies, including HSBC bank, chip giant Nvidia and retail giant Walmart.

MSCI’s broadest index of world shares and Europe’s broader index of stocks both traded around 0.05 per cent as of 13:53 GMT. 

Last week, the US inflation data disappointed investors on early interest rate cut by the Federal Reserve. This week, their focus will be on minutes from the most recent policy meetings of the US Fed and the European Central Bank for clues on rates cut.

In Europe, the Euro Stoxx 50 was down 0.3 per cent at 4,749.23. 

Britain’s FTSE 100 edged up 0.1 per cent at 7,718.19 points. France’s CAC 40 fell 0.4 per cent at 7,736.40. Germany’s DAX lost 0.4 per cent at 17,055.23.

US stock markets were closed on Monday for a holiday.

On Friday, US stocks declined after the release of a hotter-than-expected producer prices report. The S&P 500 lost 24.18 points, or 0.49 per cent, to end at 5,005.15 points, while the Nasdaq Composite lost 132.38 points, or 0.83 per cent, to 15,775.65. The Dow Jones Industrial Average fell 149.48 points, or 0.39 per cent, to 38,623.64.

In Asian stock markets, Hong Kong’s Hang Seng Index edged down 1.1 per cent at 16,155.61. China’s Shanghai Composite rose 1.6 per cent at 2,910.54.

Japan’s Nikkei 225 was flat at 38,470.38.

Oil prices were little changed on Monday.

Brent crude futures eased by 14 cents to $83.33 a barrel by 1243 GMT.

The March contract for US West Texas Intermediate (WTI) crude was up 7 cents at $79.26 in tepid trade while the WTI April contract slipped 13 cents to $78.33.

Gold prices rose on Monday as the US dollar retreated slightly.

Spot gold was up 0.2 per cent at $2,016.45 an ounce by 1247 GMT. US gold futures rose 0.2 per cent to $2,028.20.

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Published: 19 Feb 2024, 08:50 PM IST

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