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World Shares Mixed After US Stocks Fall08/07 06:23
World shares were mixed Friday after a modest retreat on Wall Street, while
the price of crude oil edged lower.
BANGKOK (AP) -- World shares were mixed Friday after a modest retreat on
Wall Street, while the price of crude oil edged lower.
In early European trading, Germany's DAX rose 0.7% to 26,329.28, while the
CAC 40 in Paris gained 0.3% to 8,728.22.
Britain's FTSE 100 was up 0.5% at 10,925.78.
The future for the S&P 500 rose 0.2% while that for the Dow Jones Industrial
Average was nearly unchanged.
Selling of computer chipmakers and other stocks linked to the boom in
artificial intelligence appeared to taper off a bit as Tokyo's Nikkei 225 lost
0.1% to 65,606.71.
The Kospi in South Korea dropped 0.6% to 6,258.77 and Taiwan's Taiex fell
0.4%.
The Shanghai Composite index gained 1% to 3,940.04 after China reported its
exports grew at a slightly slower but still robust pace of about 24% in July on
strong demand for electronics and other high-tech products. China's huge trade
surplus narrowed last month and imports also slowed.
Hong Kong's Hang Seng picked up 0.5% to 25,668.03.
In Australia, the S&P/ASX 200 slipped less than 0.1%, to 9,263.60.
On Thursday, stocks declined on Wall Street as oil prices rose and more
company earnings reports rolled in.
The S&P 500 fell 0.2% and the Dow industrials fell 0.9%. The Nasdaq
composite fell 0.1%.
The price of Brent crude rose nearly 4% on Thursday as progress toward
reopening the Strait of Hormuz, vital to securing stable oil supplies, remained
unclear.
Iran has said it is close to a deal with Oman for reopening the strait. U.S.
President Donald Trump has also previously said a deal is close, but the
conflict has had many starts and stops over the past five months.
Reopening the strait may require a compromise since the Trump administration
has ruled out Iran charging fees to ships. But Iran has insisted on some
measure of control, saying the strait will not go back to being an
international waterway.
As of early Friday, a barrel of Brent, the international standard, slipped
0.3% at $82.26. U.S. benchmark crude oil edged 0.1% lower, to $77.19 per barrel.
A fifth of the world's traded oil and natural gas once passed through the
Strait of Hormuz. Oil prices have surged as high as $113 due to the war and
higher prices have added more heat to inflation by raising the price of
gasoline and raising costs for shipping.
While markets are still weighed down by worries over the war and over a
possible bubble in investments in artificial intelligence, strong overall
corporate profits have helped allay concerns on Wall Street about shares being
overpriced.
Roughly 85% of companies in the S&P 500 have reported their results and
overall earnings growth for the period is shaping up to be the strongest since
2021.
Outside of earnings, SpaceX rose 6.1%. More than 911 million SpaceX shares
held by early investors and employees became eligible for sale Thursday as a
lockup period for the stock expired. That is more than double the shares that
were initially offered to the public for sale during the initial public
offering for Elon Musk's company.
SpaceX jumped as high as $225 a share following its market debut in June,
but has since slumped below its initial $135 offering price. The stock is
currently trading around $115.
The latest monthly jobs report, for July, will be released Friday.
U.S. employment remains strong, but growth in hiring has been easing. A
weekly report on Thursday showed the number of Americans applying for
unemployment benefits rose last week, though layoffs remain in the historically
healthy range of the past few years. Employers pulled back on hiring in June,
adding only 57,000 jobs.
In other dealings early Friday, the dollar fell to 158.36 Japanese yen from
158.42 yen. The euro fell to $1.1530 from $1.1524.
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