- Agha defies England as Pakistan post 515-8 in first Test
- September second-warmest on record: EU climate monitor
- Pastor wanted by US for sex trafficking to run for Philippine senate
- Mozambican writer Mia Couto dreams future leaders set an 'example'
- German 'Maddie' suspect could be free soon after cleared of separate sex crimes
- China says to take anti-dumping measures against EU brandy imports
- German suspect in 'Maddie' case cleared in separate sex crimes trial
- Israel expands offensive against Hezbollah in south Lebanon
- China stocks rally fizzles on stimulus worries amid Asia retreat
- Bangladesh's Yunus says no elections before reforms
- England strike twice as Pakistan reach 397-6 at lunch in first Test
- China stocks rally peters out on stimulus worries amid Asia retreat
- Taiwan's Foxconn says building world's largest 'superchip' plant
- Kenya's deputy president faces impeachment vote
- N. Korean soldiers 'highly likely' killed in Ukraine: Seoul
- 'Appeals Centre' to referee EU social media disputes
- US Supreme Court to hear 'ghost guns' regulation case
- 'Small' oil leaks detected in Samoa after NZ navy shipwreck
- Nobel literature jury may go for non-Western writer
- At Istanbul church, blessed spring offers hope to Christians and Muslims
- From Bolivia to Indonesia, deforestation continues apace
- Myanmar to send rep to regional summit for first time in three years
- Prabowo set to lead bolder Indonesia on world stage
- Tampa zoo rushes Chompers the porcupine and others to safety as Milton nears
- Shanghai stocks pare early surge on stimulus worries amid Asia retreat
- New Japan PM to hold talks on ASEAN sidelines
- Record number of climbers chase 14-peak dream in Tibet
- Former South Korea clinic for US 'comfort women' to be demolished
- China holds off on fresh stimulus but 'confident' will hit growth target
- Chiefs battle past Saints to stay unbeaten
- Deal on climate aid hangs in balance at UN COP29 summit
- Royals hit back against Yankees, Tigers maul Guardians
- German suspect in 'Maddie' case faces verdict in sex crimes trial
- Top economic official 'confident' China will hit 2024 growth target
- COP29 fight looms over climate funds for developing world
- Shanghai stocks soar to extend stimulus rally amid Asia-wide drop
- Australia moves to expand Antarctic marine park
- Tragedy of Madrid street sweeper highlights how heatwaves kill
- Survivors wait for aid as Trump's lies help cloud Helene response
- Fleeing Israeli bombs, Lebanon's displaced met with suspicion
- Jila Mossaed, from refugee poet to Swedish Academy
- Will Tesla's robotaxi reveal live up to hype?
- Drugs, people smuggling at heart of Mexico's raging violence
- 'Invisibility' and quantum computing tipped for physics Nobel
- Musk says he is 'all in' on Trump in US election
- Category 5 Hurricane Milton roars towards storm-battered Florida
- Carpenter bomb stuns Guardians as Tigers level series
- Harris, Trump and Biden mark Oct. 7 attacks as US election looms
- Oil prices extend gains on Mideast tensions, Wall Street falls
- US judge orders Google to open Android to rival app stores
CMSC | -0.53% | 24.57 | $ | |
NGG | -1.56% | 65.48 | $ | |
RIO | -0.11% | 69.62 | $ | |
GSK | -0.49% | 38.63 | $ | |
RBGPF | 100% | 60.52 | $ | |
RYCEF | -0.15% | 6.87 | $ | |
RELX | -0.54% | 46.04 | $ | |
BTI | -0.26% | 35.2 | $ | |
CMSD | -0.09% | 24.79 | $ | |
BCC | 1.68% | 141.27 | $ | |
SCS | -0.15% | 12.95 | $ | |
VOD | 0.31% | 9.69 | $ | |
AZN | -0.78% | 76.87 | $ | |
JRI | -0.76% | 13.18 | $ | |
BCE | -0.54% | 33.53 | $ | |
BP | 0.78% | 33.14 | $ |
US stocks flirt with fresh records, rebounding yen hits Nikkei
Global stock markets mostly powered ahead on Friday, lifting the Dow above 40,000 and near a fresh record despite disappointing US inflation data and a lackluster market reaction to American bank earnings.
All three major US indices climbed after both Paris and Frankfurt packed on more than one percent.
Tokyo bucked the trend as the yen shot higher on possible central bank intervention.
One day after slides by the S&P 500 and Nasdaq ended a run of records, New York indices were back on the front foot.
US wholesale inflation rose 0.2 percent in June, more than expected, according to Labor Department data.
However Friday's data was not bad enough to overshadow Thursday's benign consumer price index report that boosted expectations for Federal Reserve interest rate cuts, analysts said.
"Yesterday's decline appears to be a one-off and it's not leading to more selling," said Adam Sarhan of 50 Park Investments, who considers the current dynamics a bull market.
The hardest-hit large bank after earnings was Wells Fargo, which sank 6.0 percent as it reported lower profits due in part to a decline in net interest income.
Both Citigroup and JPMorgan Chase also fell more than one percent.
Earlier this week US Federal Reserve Chairman Jerome Powell indicated that the central bank did not need to wait for inflation to fall to its two percent target to begin lowering interest rates.
"Despite US producer prices coming in hotter-than-expected, most European and US stock indices ended the week on a positive note as investors are convinced a September Fed rate cut is on the cards," said Axel Rudolph, senior market analyst at online trading platform IG.
In Asia, Tokyo tanked 2.5 percent with focus firmly on central bank activity.
Speculation abounds that the Bank of Japan intervened in foreign exchange markets to boost the yen, which sent stocks lower as it drags on the country's manufacturing exports.
Analysts said the softer US inflation data on Thursday provided Japanese authorities the perfect opportunity to step into forex markets to provide support to the yen, which surged against the dollar.
"The pronounced move in the yen appears to be coming on the back of combined impact from US inflation and intervention by Japanese authorities," Charu Chanana at Saxo Markets told AFP.
"There seems to be a new playbook for Japanese interventions, coming in along with supportive fundamentals, making the strength in yen somewhat more durable."
While speculation swirled about official involvement, Japan's top currency diplomat Masato Kanda told reporters late Thursday that authorities were "not in a position to comment on whether they intervened in the market," according to public broadcaster NHK.
- Key figures around 2050 GMT -
New York - Dow: UP 0.6 percent at 40,000.90 (close)
New York - S&P 500: UP 0.6 percent at 5,615.35 (close)
New York - Nasdaq Composite: UP 0.6 percent at 18,398.45 (close)
London - FTSE 100: UP 0.4 percent at 8,252.91 (close)
Paris - CAC 40: UP 1.3 percent at 7,724.32 (close)
Frankfurt - DAX: UP 1.2 percent at 18,748.18 (close)
EURO STOXX 50: UP 1.3 percent at 5,043.02 (close)
Tokyo - Nikkei 225: DOWN 2.5 percent at 41,190.68 (close)
Hong Kong - Hang Seng Index: UP 2.6 percent at 18,293.38 (close)
Shanghai - Composite: FLAT at 2,971.30 (close)
Dollar/yen: DOWN at 157.88 yen from 158.84 yen on Thursday
Euro/dollar: UP at $1.0906 from $1.0868
Pound/dollar: UP at $1.2989 from $1.2915
Euro/pound: DOWN at 83.97 pence from 84.15 pence
Brent North Sea Crude: DOWN 0.4 percent at $85.03 per barrel
West Texas Intermediate: DOWN 0.5 percent at $82.21 per barrel
burs-jmb/acb
D.Cunningha--AMWN