BEIJING (AP) – Global stock markets were mixed on Wednesday after Wall Street rose on strong corporate earnings reports.
Paris, Frankfurt and Tokyo rose while London, Hong Kong and Shanghai fell. The yen stayed near a two-decade low at 149 to the dollar. Oil prices recovered.
Futures for Wall Street’s S&P 500 index rose 0.3% after the market benchmark rose 1.1% on Tuesday after strong results from investment bank Goldman Sachs, military firm Lockheed Martin and others. The futures for the Dow Industrial gained 0.2%.
On Tuesday, the Dow was up 1.1% and the Nasdaq Composite was up 0.9%.
Despite the strong headlines, “the underlying details were quite mixed” and the banks’ results showed “the impact of the slowdown in economic activity,” Mizuho Bank’s Tan Boon Heng said in a report.
Earnings reports temporarily offset investor fears that repeated interest rate hikes by US, European and Asian central banks to stem inflation, which is at multi-decade highs, could plunge the global economy into recession.
Those concerns have helped drag U.S. stocks into a bear market, or a more than 20% decline in the S&P 500 from its January high.
In early trade, the FTSE in London was down 0.1% to 6,828.30 after UK inflation rose to a 40-year high of 10.1% in September. That increases the likelihood that the Bank of England will hike rates further and faster.
The DAX in Frankfurt rose less than 0.1% to 12,774.20, while the CAC 40 in Paris rose 0.4% to 6,091.57.
In Asian trading, the Shanghai Composite Index fell 1.2% to 3,044.38, while the Nikkei 225 in Tokyo gained 0.4% to 27,257.38. Hong Kong’s Hang Seng lost 2.4% to 16,511.28.
Seoul’s Kospi fell 0.6% to 2,237.44 and Sydney’s S&P ASX 200 rose 0.3% to 6,800.10.
India’s Sensex rose 0.2% to 59,093.99. New Zealand and Jakarta advanced while Singapore and Bangkok declined.
In energy markets, U.S. crude, the benchmark in electronic trading on the New York Mercantile Exchange, gained 84 cents to $82.91 a barrel. Brent crude, the price basis for international oil trading, rose 62 cents in London to $90.65 a barrel.
The dollar rose to 149.46 yen from 149.21 yen on Tuesday. The euro fell from 98.50 cents to 98.14 cents.
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