Stock market today: Global stocks up as traders await Fed conference for interest rate update
Global stock markets are higher as traders look ahead to the Federal Reserve’s summer conference for signs of whether the U.S. central bank thinks inflation is under control or more interest rate hikes are needed to cool inflation
BEIJING — Global stocks were higher Monday as traders looked ahead to the Federal Reserve’s summer conference for signs of whether the U.S. central bank thinks inflation is under control or more interest rate hikes are needed to cool inflation.
London, Tokyo, Paris and Wall Street futures advanced. Shanghai declined. Oil prices rose.
Wall Street’s benchmark S&P 500 index declined Friday ahead of this week's closely watched Jackson Hole, Wyoming, conference. Fed officials have used the event in previous years to indicate changes in policy direction.
There “may be rude hawkish surprises” for investors who assume rate hikes are finished, said Tan Boon Heng of Mizuho Bank in a report. Chair Jerome Powell “may allude to structurally higher (and potentially more volatile) inflation being the new norm."
In early trading, the FTSE 100 in London rose 0.3% to 7,281.64. The CAC 40 in Paris gained 1% to 7,237.32 and the DAX in Frankfurt advanced 0.6% to 15,672.15.
On Wall Street, the S&P 500 future was up 0.3% and that for the Dow Jones Industrial Average was 0.2% higher.
On Friday, the S&P declined 0.1%. The Dow added 0.1% while the Nasdaq composite slipped 0.2%.
In Asia, the Shanghai Composite Index lost 1.2% to 3,092.97 while the Nikkei 225 in Tokyo advanced 0.4% to 31,565.64. The Hang Seng in Hong Kong lost 1.8% to 17,623.29.
The Kospi in Seoul gained 0.2% to 2,508.80 while Sydney’s S&P-ASX 200 shed 0.5% to 7,115.50.
India's Sensex gained 0.5% to 65,300.30. New Zealand and Singapore retreated while
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