Global Markets Experience Mixed Fortunes as Trading Resumes
As the world welcomed the new year, global stock markets displayed a mixed performance on Monday, following a brief respite from the holiday season blues. European markets saw a moderate uptick, with Germany’s DAX slipping 0.4% to 19,984.85, while the CAC 40 in Paris rose 0.6% to 7,324.36. Britain’s FTSE 100, however, fell 0.2% to 8,212.70.
Asia-Pacific Markets Show Caution
In Asia, the mood was more subdued, with Tokyo’s benchmark Nikkei 225 index losing 1.5% to 39,307.05, and the Hang Seng in Hong Kong declining 0.4% to 19,677.37. The Shanghai Composite index slipped 0.1% to 3,206.92. This caution was largely attributed to concerns over potential trade policy changes by President-elect Donald Trump, which could impact the region’s growth.
Japan’s Finance Minister Rings in the New Year
Japan’s finance minister, Katsunobu Kato, marked the start of the new year by vowing to secure economic growth led by wage increases and investment. He expressed his commitment to grasping signs of recovery and ensuring that every citizen feels the improvement in their salaries.
Steel Industry Dispute
A dispute between Nippon Steel and U.S. Steel Corp took center stage, with Nippon Steel’s shares falling 0.8% in Tokyo after U.S. President Joe Biden rejected its nearly $15 billion bid, citing national security concerns. U.S. Steel’s shares had sunk 6.5% on Friday.
Regional Leaders Weigh In
Prime Minister Shigeru Ishiba expressed concerns over future investment between the U.S. and Japan, urging the U.S. government to take action to dispel such concerns. He emphasized the need for a clear statement on security concerns to ensure a strong future relationship between the two nations.
Other Asian Markets
Elsewhere in Asia, Australia’s S&P/ASX 200 gained 0.1% to 8,257.40, while Taiwan’s Taiex jumped 2.8%. In South Korea, the Kospi surged 1.9% to 2,488.64, driven by a 9.8% increase in computer chip maker SK Hynix Inc. and a 2.8% jump in shares of Samsung Electronics.
U.S. Markets
On Friday, the S&P 500 rallied 1.3% to 5,942.47, breaking a five-day losing streak and trimming its loss for the week to 0.5%. The Dow Jones Industrial Average rose 0.8% to 42,732.13, and the Nasdaq composite leaped 1.8% to 19,621.68.
Commodities and Currencies
U.S. benchmark crude oil lost 29 cents to $73.67 per barrel, while Brent crude dropped 35 cents to $76.16 per barrel. The U.S. dollar rose to 157.70 Japanese yen from 157.22 yen, and the euro cost $1.0338, up from $1.0306.
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