WORLD

Stock market today: Global shares mostly decline, while Tokyo again finishes at a record high

Feb 26, 2024, 12:11 AM | Updated: 1:36 am

TOKYO (AP) — Global shares mostly declined Monday, although Tokyo’s benchmark Nikkei 225 index reached another record high.

France’s CAC 40 slipped 0.4% in early trading to 7,935.33. Germany’s DAX edged 0.1% higher to 17,428.37. Britain’s FTSE 100 declined 0.2% to 7,691.62.

The futures for the S&P 500 and the Dow Jones Industrial Average were down 0.2%.

The Nikkei 225 gained 0.4% to finish at 39,233.71. Markets in Tokyo were closed Friday for a holiday. The benchmark surged to an all-time high of 39,098.68 on Thursday.

In currency trading, the dollar edged up to 150.59 Japanese yen from 150.47 yen. The euro cost $1.0835, up from $1.0823.

The weakness of the yen is one factor attracting many foreign investors to Japanese shares, said Stephen Innes of SPI Asset Management.

He said investors were selling to lock in profits from recent gains in Chinese markets, which have rallied slightly after a months-long slump.

Hong Kong’s Hang Seng dipped 0.5% to 16,634.74, while the Shanghai Composite dropped 0.9% to 2,977.02.

Elsewhere in Asia, Australia’s S&P/ASX 200 edged up 0.1% to 7,652.80. South Korea’s Kospi slipped 0.8% to 2,647.08.

Earnings remain a big focus as a key indicator on where the U.S. and global economies are headed. Among the U.S. companies reporting results this week are home improvement retailer Lowe’s, discount retailer Dollar Tree, computer maker HP and electronics retailer Best Buy.

More economic data are due on consumer sentiment, inflation and the U.S. economy. An update on the pace of growth in the United States in the October-December quarter is slotted for Wednesday.

The Federal Reserve has been trying to tame inflation back to its target of 2%. Previous data on consumer and wholesale prices came in hotter than Wall Street expected. Traders now expect the Fed to cut rates in June instead of March.

In energy trading, benchmark U.S. crude lost 49 cents to $76.00 a barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the international standard, lost 50 cents to $80.30 a barrel.

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