World shares presented a mixed picture on Thursday as the U.S. stock market remained closed in observance of a National Day of Mourning for former President Jimmy Carter.
European Markets:
- London’s FTSE 100 climbed 0.8% to 8,319.69, boosted by a weakening British pound, which enhanced prospects for U.K. exporters.
- Germany’s DAX slipped 0.1% to 20,317.10.
- France’s CAC 40 rose 0.5% to 7,490.28.
Asian Markets:
- Japan’s Nikkei 225 dropped 0.9% to 39,605.09, impacted by strong wage growth data that could push the central bank toward raising interest rates.
- Hong Kong’s Hang Seng edged 0.2% lower to 19,240.89, while the Shanghai Composite fell 0.6% to 3,211.39, reflecting concerns over slack demand in China’s economy.
- Australia’s S&P/ASX 200 slipped 0.2% to 8,329.20.
- South Korea’s Kospi managed a slight gain of 0.1% to 2,521.90, driven by technology and automotive sectors.
- Taiwan’s Taiex dropped 1.4%, while India’s Sensex declined 0.7%. Bangkok’s SET index saw the steepest fall, losing 1.8%.
Investor Sentiment:
Concerns surrounding President-elect Donald Trump’s proposed tariffs and geopolitical ambitions dampened market confidence. Stephen Innes of SPI Asset Management noted, “The initial enthusiasm for tax cuts is now overshadowed by mounting concerns over proposed tariffs and geopolitical strategies.”
Bond Market Activity:
The U.S. bond market remained open, with the 10-year Treasury yield steady at 4.69% after reaching its highest level since April earlier in the week. Higher yields, driven by robust economic data, have raised borrowing costs, creating headwinds for the stock market.
Oil Prices:
- U.S. benchmark crude rose 0.8% to $73.92 per barrel.
- Brent crude, the international standard, climbed 1% to $76.92 per barrel.
Looking Ahead:
Investors are focused on the upcoming U.S. Labor Department report, which will provide insights into the nation’s job market. Markets hope for moderate growth—strong enough to stave off recession fears but not so robust as to deter the Federal Reserve from continuing interest rate cuts.
