Global stocks mixed

11 Jul 2020


BEIJING: World markets were mixed on Friday as investors weighed a rise in coronavirus cases in the United States against upbeat economic data in Europe.

Wall Street futures were down slightly and Asian markets closed lower. European shares, however, edged up after official figures showed industrial production bounced back sharply in some countries.

Manufacturing jumped 22 per cent month-on-month in France in May, making up for the previous month’s fall. In Italy industrial production spiked 42pc during the same month.

The CAC 40 in France added 0.4pc to 4,938, while Frankfurts DAX gained 0.5pc to 12,548. The FTSE 100 in London gained 0.5pc to 6,079.

Beyond Europe, investors appeared more cautious, with futures for the benchmark S&P 500 and for the Dow Jones Industrial Average were both down 0.5pc.

In Asia, the Shanghai Composite Index lost 1.9pc to 3,383.32 and the Nikkei 225 in Tokyo shed 1.1pc to 22,290.81. The Hang Seng in Hong Kong retreated 1.8pc to 25,727.41.

The Kospi in Seoul lost 0.8pc to 2,140.25 and Sydneys S&P-ASX 200 declined 0.6pc at 5,919.20. Indias Sensex lost 0.3pc to 36,625.60. New Zealand, Jakarta and Bangkok retreated, while Singapore markets were closed.

The market is concerned about the uptick in cases globally, said Stephen Innes of AxiCorp. in a report. Money is funneling into perceived safe areas of the market like tech, which should hold up broader indexes to a degree.

In energy markets, benchmark US crude lost 58 cents to $39.04 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude, used to price international oils, declined 51 cents to $41.84 per barrel in London.

Published in Dawn, July 11th, 2020