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Global Stocks Mixed Monday 11/11 05:10
European markets powered higher Monday, catching up with last week's Wall
Street rally.
HONG KONG (AP) -- European markets powered higher Monday, catching up with
last week's Wall Street rally. Bitcoin soared over $82,000 for the first time
but Asian stocks fell as China's stimulus package disappointed investor
expectations.
Germany's DAX gained 1.2% to 19,438.89. In Paris, the CAC 40 added 1.1% to
7,421.24. Britain's FTSE 100 also rose 0.7%, to 8,128.58.
U.S. shares were poised to open higher, with futures for the S&P 500 up 0.3%
and those for the Dow Jones Industrial Average up 0.3%.
Bitcoin hit a fresh record, rising to $82,022.98 in early trading, according
to Coindesk. The most popular digital token has been extending a rally that
began after the reelection of former President Donald Trump, who has embraced
cryptocurrencies and pledged to make the United States the world crypto capital.
In Asia, China approved a 6 trillion yuan ($839 billion) plan during a
meeting of its national legislature Friday. The long-anticipated stimulus is
designed to help local governments refinance their mountains of debt in the
latest push to rev up growth in the world's second-largest economy.
"It's not exactly the growth rocket many had hoped for. While it's a
substantial number, the stimulus is less about jump-starting economic growth
and more about plugging holes in a struggling local government system," Stephen
Innes of SPI Asset Management said in a commentary.
Meanwhile, China's inflation rate in October rose 0.3% year-on-year,
according to the National Bureau of Statistics on Saturday, marking a slowdown
from September's 0.4% increase and dropping to its lowest level in four months.
The Hang Seng fell 1.5% to 20,426.93, and the Shanghai Composite picked up
from the losses in morning trading and ended 0.5% higher to 3,470.07.
Japan's benchmark Nikkei 225 hovered between gains and losses and closed
less than 0.1% higher at 39,533.32. Australia's S&P/ASX 200 dipped 0.4% to
8,266.20. South Korea's Kospi fell 1.2% to 2,531.66.
On Friday, the S&P 500 rose 0.4% to 5,995.54, its biggest weekly gain since
early November 2023 and briefly crossed above the 6,000 level for the first
time. The Dow Jones Industrial Average climbed 0.6% to 43,988.99, while the
Nasdaq composite added 0.1% to 19,286.78.
In the bond market, longer-term Treasury yields eased.
The yield on the 10-year Treasury slipped to 4.30% Friday from 4.33% late
Thursday. But it's still well above where it was in mid-September, when it was
close to 3.60%.
Treasury yields climbed in large part because the U.S. economy has remained
much more resilient than feared. The hope is that it can continue to stay solid
as the Federal Reserve continues to cut interest rates in order to keep the job
market humming, now that it's helped get inflation nearly down to its 2% target.
Some of the rise in yields has also been because of Trump. He talks up
tariffs and other policies that economists say could drive inflation and the
U.S. government's debt higher, along with the economy's growth.
Traders have already begun paring forecasts for how many cuts to rates the
Fed will deliver next year because of that. While lower rates can boost the
economy, they can also give inflation more fuel.
In other dealings Monday, U.S. benchmark crude oil lost 8 cents to $70.30
per barrel in electronic trading on the New York Mercantile Exchange.
Brent crude, the international standard, gave up 20 cents, to $74.07 per
barrel.
The dollar rose to 153.79 Japanese yen from 152.62 yen. The euro edged down
to $1.0684 from $1.0723.
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