World shares mostly higher ahead of July 4 holiday in US

Jul 3, 2022, 9:08 AM | Updated: Jul 4, 2022, 3:32 am
A person wearing a protective mask walks in front of an electronic stock board showing Japan's Nikk...

A person wearing a protective mask walks in front of an electronic stock board showing Japan's Nikkei 225 index at a securities firm Monday, July 4, 2022, in Tokyo. Shares were mixed in Asia on Monday while U.S. futures fell ahead of the July 4 holiday in the U.S. (AP Photo/Eugene Hoshiko)

(AP Photo/Eugene Hoshiko)

BANGKOK (AP) — World shares are mostly higher while U.S. futures fell ahead of the July 4 holiday in the U.S. Benchmarks rose in London, Paris, Frankfurt and Tokyo but fell in Hong Kong and Seoul.

Last week was the fourth losing week in the last five for Wall Street as investors fret over high inflation and the possibility that higher interest rates could bring on a recession.

The most optimistic scenario, a “Goldilocks outcome,” would bring a slowdown significant enough to cool inflation running at its highest level in four decades but not so strong as to result in a “hard landing,” Mizuho Bank said in a commentary.

“This is a tall order that is far from guaranteed at this point,” it said, noting that markets will be looking to comments in minutes from the last Federal Reserve policy meeting, expected Wednesday.

Economic data over the last few weeks has shown that inflation remains hot and the economy is slowing. The latter has raised hopes on Wall Street that the Fed will eventually ease off its push to raise rates, which have been weighing on stocks, especially pricier sectors like technology.

Analysts don’t expect much of a rally for stocks until there are solid signs that inflation is cooling, and the latest data has yet to show that. Friday brought a report that Inflation in countries using the euro had set another eye-watering record, pushed higher by a huge increase in energy costs fueled partly by Russia’s war in Ukraine.

Annual inflation in the eurozone’s 19 countries hit 8.6% in June, surging past the 8.1% recorded in May, according to the latest numbers published Friday by the European Union statistics agency, Eurostat. Inflation is at its highest level since recordkeeping for the euro began in 1997.

Tokyo’s Nikkei 225 rose 0.8% to 26,153.81 on Monday.

Shares in Japanese telecoms carrier KDDI Corp. lost 1.7%. They fell as much as 4% earlier Monday as the company grappled with outages that began early Saturday, affecting services to nearly 40 million people.

The company said Monday that most data-transmission services had been restored, but phone calls were still affected by the problems which KDDI said were technical issues with switching systems.

The Shanghai Composite index added 0.5% to 3,405.43. Australia’s S&P/ASX 200 climbed 1.1% to 6,612.60.

Hong Kong’s Hang Seng index lost 0.1% to 21,830.35 and the Kospi in Seoul declined 0.2% to 2,300.34. India’s Sensex advanced 0.3%, while shares fell in Bangkok and Taiwan.

On Friday, the S&P 500 rose 1.1%, recovering from early losses to close at 3,825.33. The gain snapped a four-day losing streak for the benchmark index, which still posted its fourth losing week in the last five.

The Dow Jones Industrial Average rose 1% to 31,097.26, while the tech-heavy Nasdaq gained 0.9% to 11,127.85.

The S&P 500 closed out its worst quarter since the onset of the pandemic in early 2020. Its performance in the first half of 2022 was the worst since the first six months of 1970. It has been in a bear market since last month, meaning an extended decline of 20% or more from its most recent peak.

The yield on the 10-year Treasury, which helps set mortgage rates, was steady at 2.89% after falling Friday from Thursday’s 2.97%.

Financial markets in the U.S. will be closed on Monday for Independence Day.

Wall Street remains concerned about the risk of a recession as economic growth slows and the Federal Reserve aggressively hikes interest rates. The Fed is raising rates to purposefully slow economic growth to help cool inflation, but could potentially go too far and bring on a recession.

High gas prices have been big factor in pushing prices higher and squeezing pocketbooks.

Early Monday, benchmark U.S. crude oil lost 67 cents to $107.76 per barrel in electronic trading on the New York Mercantile Exchange. It jumped $2.67 to $108.43 per barrel on Friday.

Brent crude, the pricing basis for international trading, shed 52 cents to $111.11 per barrel.

The U.S. dollar rose to 135.41 Japanese yen from 135.27 yen. The euro climbed to $1.0440 from $1.0429.

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

AP

Photo from Flickr...
Associated Press

Respite center opens to families of those who died in combat

A respite center for families in the United States who have lost loved ones in combat since 9/11 will open Friday on Washington state’s Olympic Peninsula.
21 hours ago
Downtown Vancouver Washington Photo from Flickr...
Associated Press

Vancouver City Council bans large fossil fuel facilities

The city council in Vancouver, Washington, has approved a permanent ban on new fossil fuel developments after years of temporary moratoriums.
21 hours ago
Soccer fans chant slogans during vigil for the victims of Saturday's deadly crush, in Malang, East ...
Associated Press

AP Week in Pictures: Asia

Sept. 30-Oct. 6, 2022 This photo gallery highlights some of the most compelling images made or published by Associated Press photographers in Asia and the Pacific. The gallery was curated by AP photo editor Masayo Yoshida in Tokyo. Follow AP visual journalism: Instagram: https://www.instagram.com/apnews AP Images on Twitter: http://twitter.com/AP_Images AP Images blog: http://apimagesblog.com Copyright © […]
21 hours ago
FILE - A TV screen showing a news program reporting about North Korea's missile launch with file fo...
Associated Press

US carrier, S Korea warships start new drills amid tensions

SEOUL, South Korea (AP) — The nuclear-powered aircraft carrier USS Ronald Reagan launched a new round of naval drills with South Korean warships on Friday, a day after North Korea fired more ballistic missiles and flew warplanes in an escalation of tensions with its rivals. The Reagan and its battle group returned to the waters […]
21 hours ago
FILE - This undated photo released by the Arizona Attorney General's Office shows Guillermina Fuent...
Associated Press

Arizona woman seeks leniency in ballot harvesting case

PHOENIX (AP) — A parade of character witnesses provided a judge Thursday with glowing reports about a southern Arizona woman who admitted collecting four voted early ballots in the 2020 primary election, as her lawyer seeks leniency and prosecutors urge him to send her to prison for a year. Testimony in Yuma County Superior Court […]
21 hours ago
Leaders attend the Ministerial Meeting of the Summit Implementation Review Group during the 52nd Ge...
Associated Press

Support for Venezuela’s opposition is dwindling at OAS

BOGOTA, Colombia (AP) — Venezuela’s opposition suffered a rebuff Thursday as 19 members of the Organization of American States backed a proposal to remove its envoy from the regional forum for political and economic issues. Although the proposal failed to get the two-thirds marjority, or 24 votes, needed to be put on the agenda of […]
21 hours ago

Sponsored Articles

Anacortes Christmas Tree...

Come one, come all! Food, Drink, and Coastal Christmas – Anacortes has it all!

Come celebrate Anacortes’ 11th annual Bier on the Pier! Bier on the Pier takes place on October 7th and 8th and features local ciders, food trucks and live music - not to mention the beautiful views of the Guemes Channel and backdrop of downtown Anacortes.
Swedish Cyberknife Treatment...

The revolutionary treatment of Swedish CyberKnife provides better quality of life for majority of patients

There are a wide variety of treatments options available for men with prostate cancer. One of the most technologically advanced treatment options in the Pacific Northwest is Stereotactic Body Radiation Therapy using the CyberKnife platform at Swedish Medical Center.
Work at Zum Services...

Seattle Public Schools announces three-year contract with Zum

Seattle Public Schools just announced a three-year contract with a brand-new company to the Pacific Northwest to assist with their student transportation: Zum.
Swedish Cyberknife 900x506...

June is Men’s Health Month: Here’s Why It’s Important To Speak About Your Health

According to the Centers for Disease Control and Prevention, men in the United States, on average, die five years earlier than women.
...

Anacortes – A Must Visit Summertime Destination

While Anacortes is certainly on the way to the San Juan Islands (SJI), it is not just a destination to get to the ferry… Anacortes is a destination in and of itself!
...

Ready for your 2022 Alaskan Adventure with Celebrity Cruises?

Celebrity Cruises SPONSORED — A round-trip Alaska cruise from Seattle is an amazing treat for you and a loved one. Not only are you able to see and explore some of the most incredible and visually appealing natural sights on the planet, but you’re also able to relax and re-energize while aboard a luxury cruise […]
World shares mostly higher ahead of July 4 holiday in US