European markets traded higher, while Asian stocks ended mixed on Tuesday, after the Dow Jones Industrial Average hit an all-time high.
Germany’s DAX rose 0.3% to 18,665.08 after statistics office data on Tuesday showed the country’s second-quarter gross domestic product fell 0.1% from the previous quarter. The CAC 40 in Paris rose 0.3% to 7,615.78. In London, the FTSE 100 gained 0.7% to 8,382.27. S&P 500 and Dow Jones industrial average futures both rose 0.1%.
Oil prices are easing off recent highs, which were boosted by intense fighting between Israel and Hezbollah on Sunday.
China’s industrial profits rose 4.1 percent in July from a year earlier, with total profits for the first seven months increasing by 3.6 percent, bringing hope to the market amid weak domestic demand, a slump in the property sector and concerns about employment.
However, additional tariffs on China are clouding its manufacturing prospects. Canada announced a 100% tariff on the import of Chinese electric vehicles and a 25% tariff on Chinese steel and aluminum on Monday, with the measures set to take effect on Oct. 1. This will apply to all electric vehicles shipped from China, many of which are Tesla cars produced in the country.
The U.S.-listed shares of the automaker fell 3.2% on Monday.
Hong Kong’s Hang Seng added 0.4% to 17,874.67, while the Shanghai Composite Index fell 0.2% to 2,848.73.
Japan’s Nikkei 225 index closed up 0.5% at 38,288.62. Australia’s S&P/ASX 200 fell 0.2% to 8,071.20. South Korea’s Kospi fell 0.3% to 2,689.15.
What Wall Street left behind
The S&P 500 fell 0.3% on Monday, remaining within 0.9% of its record set in July. The Nasdaq Composite fell 0.9%, dragged down by several technology companies that tend to tilt the market because of their big valuations. Nvidia lost 2.2%, Microsoft fell 0.8%, Amazon dropped 0.9%, Meta Platforms slid 1.3% and Tesla lost 3.2%.
wall street markets
The S&P 500 fell 0.3% on Monday, remaining within 0.9% of its record set in July.
Reuters
The Dow rose 0.2% to 41,240, surpassing its previous high set in mid-July. The average is less influenced by big tech, with only Apple and Microsoft among the most valuable stocks in the Magnificent Seven index.This helped limit the impact of the big tech stocks’ declines.
Bond yields remained relatively stable. The yield on the 10-year Treasury note rose to 3.82% from 3.80% last Friday.
A surprisingly positive report showed that orders for durable goods from US factories, including autos, rose 9.9% in July. An update on consumer confidence is expected on Tuesday and the United States will provide a revised estimate of second-quarter economic growth on Thursday.
Source: Ambito
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