- Djokovic hails Nadal 'legacy' as Alcaraz in 'shock' over retirement
- Obama hits campaign trail for Harris
- Delta eyes Election Day travel pullback as profits climb
- Djokovic tells Nadal: 'Your legacy will live forever'
- Ethel Kennedy, wife of RFK, dead at 96
- Zelensky denies ceasefire with Russia under discussion on trip
- Florida battered by hurricane, floods but spared 'worst-case scenario'
- After long fight for glory, Nadal leaves with a legacy of memories
- Home hopes Zheng and Wang through to last-eight in Wuhan Open
- UN peacekeepers say Israel fired on Lebanon HQ, injuring 2
- UK's William and Kate in first joint public engagement since cancer treatment
- Alcaraz out as top players pay tribute to Nadal at Shanghai Masters
- Racing's Farrell 'not thinking' about British and Irish Lions
- Alcaraz, Sinner pay tribute to 'unbelievable' Nadal at Shanghai Masters
- Over 200 women in legal talks with Harrods over Fayed abuse claims
- After K-pop, K-novels? South Korean Nobel win sparks joy, hope at home
- After Nadal exit, Djokovic left to rage against dying of the light
- A very stiff breeze: BBC says sorry for 20,000 kph wind forecast
- Triple centurion Brook happy to break Dad's club record
- Zelensky touts 'victory plan' against Russia in Macron talks
- Musk finally unveiling his long-promised robotaxi
- UN peacekeepers accuses Israel of firing on Lebanon HQ
- London's Frieze art fair goes potty for ceramics
- Southgate taking year out from coaching
- US, Europe stocks fall on US inflation data
- Zelensky meets Macron in Paris as part of European tour
- Hurricane Milton shreds Florida stadium roof
- UN probe accuses Israel of seeking to 'destroy' Gaza healthcare
- US consumer inflation eases to 2.4% in September
- England in sight of victory after Brook's triple hundred
- Juventus readmitted to ECA after failed Super League revolt
- World number 2 Alcaraz knocked out of Shanghai Masters by Machac
- Leaders of Egypt, Eritrea, Somalia meet amid regional tensions
- Klopp's Red Bull decision 'ruined life's work' say Dortmund fans
- Han Kang wins South Korea's first literature Nobel
- S. Korea's Nobel winner Han Kang a modest, thought-provoking writer
- Hurricane Milton tornadoes kill four in Florida amid rescue efforts
- The almost impossible job: Beating Rafael Nadal at the French Open
- New French government faces key test with budget plan
- Rescuers say Israeli strike on Gaza school kills 28
- Italy's ex-world champion gymnast Ferrari announces retirement
- Zelensky talks 'victory plan' in meeting with Starmer, Rutte
- South Korea's Han Kang wins literature Nobel
- Federer lauds retiring Nadal's 'incredible achievements'
- Ikea posts fall in annual sales after lowering prices
- Australia beat China 3-1 to resurrect World Cup campaign
- Stock markets diverge, oil gains after China rebounds
- Nadal defied injury woes in record-breaking career
- Nadal v Djokovic, French Open, 2006: Chapter One in epic rivalry
- World can't 'waste time' trading climate change blame: COP29 hosts
CMSC | 0.16% | 24.56 | $ | |
NGG | 0.21% | 65.765 | $ | |
BTI | -0.68% | 35.24 | $ | |
RYCEF | 0% | 6.9 | $ | |
BP | 1.05% | 32.32 | $ | |
RELX | -0.61% | 46.425 | $ | |
AZN | -0.94% | 76.785 | $ | |
GSK | -2.61% | 39.215 | $ | |
RIO | 0.13% | 66.435 | $ | |
RBGPF | 4.03% | 63.35 | $ | |
SCS | -3.49% | 12.59 | $ | |
BCC | -1.69% | 140.02 | $ | |
CMSD | 0.08% | 24.7 | $ | |
JRI | -0.05% | 13.214 | $ | |
VOD | -0.46% | 9.685 | $ | |
BCE | -1.54% | 32.805 | $ |
Stocks diverge at start of busy week; gold extends record streak
European and Asian equities rose Monday while gold soared to a new record peak at the start of a busy week that will include a eurozone interest rate decision and key US inflation data.
Most Asian markets squeezed out gains as traders weighed the chances of the US Federal Reserve cutting interest rates this year after a forecast-busting US jobs report on Friday dented hopes for a first move in June.
The positive disposition rolled over into European trading but Wall Street wobbled as the session got under way.
"The sense of optimism could stem from the fact the week holds a lot of big events, including the European Central Bank's interest rate decision on Thursday," said Sophie Lund-Yates, lead equity analyst at stockbroker Hargreaves Lansdown.
"There's an expectation that (ECB) rates will be held at 4.5 percent, and even more important will be the commentary around the decision, as investors look for clues of cuts coming in summer."
Gold prices spiked as high as $2,353.95 per ounce on Monday to extend its record-busting streak, buoyed by its haven qualities amid ongoing Middle East turmoil.
Oil subsided but remained within grasp of recent five-month peaks.
Later this week, market participants will also seize Wednesday upon hotly-awaited US inflation data that could shed light on the Fed's monetary policy outlook.
Wall Street's three main indexes rallied Friday following news that 303,000 jobs were created in the United States in March, with investors focusing on the positives for the economy instead of monetary policy implications.
However, observers warned that the figures -- which also showed unemployment falling and wage growth still strong -- could prevent the Fed from cutting rates three times in 2024, as it has previously indicated.
Traders are also awaiting the release this week of minutes from the Fed's most recent meeting, as well as the consumer price index inflation reading.
The CPI "will be a bigger test of whether the recent inflation bump is a trend or not", said Saxo's Redmond Wong, referring to bigger-than-expected inflation figures at the start of the year.
There is now growing talk that the Fed will not even be able to cut rates three times this year, with some suggesting that if data continued to come in strong then officials could face pressure to hold off until 2025.
"The question now is if pricing in ‘higher for longer’ on rates will bust the bullish narrative" that has seen leading indices to new records in recent months, said David Morrison, Senior Market Analyst at Trade Nation.
For Briefing.com's Patrick O'Hare the corporate earnings season that kicks off later this month "will be the litmus test" for the stock market rally.
"The stock market has kept its bullish posture amid some burgeoning confidence that earnings (and earnings expectations) will hold up given economic data that continue to surprise, in aggregate, to the upside," he said in a note to clients.
- Key figures around 1330 GMT -
New York - Dow: UP 0.1 percent at 38,952.18 points
New York - S&P 500: DOWN less than 0.1 percent at 5,202.22
New York - Nasdaq Composite: DOWN less than 0.1 percent at 16,241.04
London - FTSE 100: UP 0.5 percent at 7,947.89
Paris - CAC 40: UP 1.0 percent at 8,138.44
Frankfurt - DAX: UP 0.8 percent at 18,319.26
EURO STOXX 50: UP 0.7 percent at 5,051.11
Tokyo - Nikkei 225: UP 0.9 percent at 39,347.04 (close)
Hong Kong - Hang Seng Index: UP 0.1 percent at 16,732.85 (close)
Shanghai - Composite: DOWN 0.7 percent at 3,047.05 (close)
Dollar/yen: UP at 151.81 yen from 151.61 yen on Friday
Euro/dollar: UP at $1.0842 from $1.0841
Pound/dollar: UP at $1.2640 from $1.2637
Euro/pound: UP at 85.78 pence from 85.75 pence
Brent North Sea Crude: DOWN 0.3 percent at $90.89 per barrel
West Texas Intermediate: DOWN less than 0.1 percent at $86.84 per barrel
burs-rl/cw
L.Harper--AMWN