World markets wobble after U.S. stocks finish mixed

by Jonathan Adams
FTSE 100

FTSE 100 was up 0.4% to 8,155.28, DAX dropped less than 0.1% to 17,925.06, CAC 40 shed 0.7% to 7,926.97, Nikkei 225 index slid 0.1% to 38,236.07, Kospi was down 0.3% to 2,683.65, Hang Seng index advanced 2.4% to 18,187.56, and S&P/ASX 200 added 0.2% to 7,587.00

World markets wobbled in Thursday trading after U.S. stocks swung to a mixed close with the Federal Reserve delaying cuts to interest rates.

U.S. shares were set to rise, as the futures for the S&P 500 soared 0.5% and for the Dow Jones Industrial Average were up 0.4%.

European markets opened mixed ahead of a busy day for corporate earnings. London’s FTSE 100 was up 0.4% to 8,155.28 in early trading. Germany’s DAX dropped less than 0.1% to 17,925.06 and the CAC 40 in Paris shed 0.7% to 7,926.97.

Tokyo’s Nikkei 225 index slid 0.1% and ended at 38,236.07.

The Japanese yen soared as much as 2% in early Asia hours Thursday, driven by speculation of another round of yen-buying intervention by Japanese authorities and a softer U.S. dollar following the Fed meeting. Later, the yen reversed its course and erased its previous gains. The dollar was trading at 155.44 yen, up from 154.91 yen.

As expected, Japan’s Ministry of Finance, via the Bank of Japan, was back selling U.S. dollars to stabilize the yen. Indeed, the Japanese government is digging into their sizable 1.2 trillion USD war chest, looking to take profit on the dollar they bought back in 2000, Stephen Innes, managing partner at SPI Asset Management, said in a commentary. He said the hope was to stabilize the yen at nearly 155-157 to the dollar.

In South Korea, the Kospi was down 0.3% to 2,683.65 after official data showed consumer prices in April increased 2.9% YoY, a slower pace compared to March.

Hong Kong’s Hang Seng index advanced 2.4% to 18,187.56. Other markets in China remained closed for the Labor Day holiday.

Elsewhere, Australia’s S&P/ASX 200 added 0.2% to 7,587.00.

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of Trading and Investment News. The information provided on Trading and Investment News is intended for informational purposes only. Trading and Investment News is not liable for any financial losses incurred. Conduct your own research by contacting financial experts before making any investment decisions.

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