Global shares advance, while most Asian markets remained closed
Weak economic data for Japan appeared to be clouding sentiment in Tokyo, and a 5.1 per cent decline for tech giant SoftBank Group also pulled shares lower
Global shares advance, while most Asian markets remained closed
European shares advanced Tuesday after a quiet day in Asia, where most markets were closed for Lunar New Year holidays. France’s CAC 40 inched up 0.1 per cent to 8,318.51, while Germany’s DAX gained 0.2 per cent to 24,845.47. Britain’s FTSE 100 picked up 0.4 per cent to 10,481.00.
The future for the S&P 500 was down 0.3 per cent while that for the Dow Jones Industrial Average edged 0.1 per cent lower. Weak economic data for Japan appeared to be clouding sentiment in Tokyo, and a 5.1 per cent decline for tech giant SoftBank Group also pulled shares lower.
The decline follows a big rally after a resounding win for Prime Minister SanaeTakaichi’s ruling party in a Feb. 8 general election.
The Nikkei 225 slipped 0.4 per cent to finish at 56,566.49. Traders likely were locking in profits from the recent gains that took the Nikkei to record levels. Polls show Takaichi’s popularity is slowly slipping, as hopes for economic revival from her plans to increase government spending and cut taxes subside.
In Australia, the S&P/ASX 200 gained 0.2 per cent to 8,958.90, while India’s Sensex edged 0.2 per cent higher. In Thailand, the SET added 1.4 per cent. Trading in the U.S. was closed for Presidents Day on Monday.
On Friday, the S&P 500 edged up less than 0.1 per cent a day after one of its worst losses since Thanksgiving. The Dow Jones Industrial Average rose 0.1 per cent, and the Nasdaq composite slipped 0.2 per cent.
Share prices have been waxing and waning with fluctuations in confidence over massive investments in AI. Investors are also focused on inflation and how price pressures might affect interest rates. Also, in the spotlight for later in the day are jobs data from Britain. In other dealings early Tuesday, benchmark U.S. crude rose 26 cents to $63.15 a barrel.
The US dollar slipped to 152.90 Japanese yen from 153.51 yen. The euro cost $1.1850 down from $1.1852. The price of gold fell 2 per cent and silver was down 4.4 per cent. Bitcoin fell 01.3 per cent to about $68,000.
