World shares mixed as Nikkei 225 hits record high

by Jonathan Adams
World stocks

Investors are awaiting comments by Fed Chair Jerome Powell to a congressional committee and looking ahead to earnings reports

Shares rose in Europe on Wednesday after most markets in Asia dropped, although Tokyo’s Nikkei 225 index closed at another record high.

Investors are awaiting comments by Fed Chair Jerome Powell to a congressional committee and looking ahead to earnings reports.

Germany’s DAX added 0.2% to 18,280.58 and the CAC 40 in Paris was almost unchanged at 7,510.64. In London, the FTSE 100 gained 0.3% to 8,166.49.

The future for the S&P 500 rose 0.1% while that for the Dow Jones Industrial Average slid 0.1%.

In Asian trading, the Japanese benchmark added 0.6% to end at 41,831.99. It also had a record close on Tuesday, and reached an all-time high of 41,889.16 during the day Wednesday.

The Nikkei 225 has added around 30% in the past year and is 5% higher in the last three months.

Investors have been snapping up technology-related shares as enthusiasm builds over the potential of AI. Export-oriented firms have also seen strong gains since their profits have surged due to the weakness of the Japanese yen against the U.S. dollar.

In Hong Kong, the Hang Seng index slid 0.2% to 17,479.12, while the Shanghai Composite index dropped 0.7% to 2,939.36.

China reported that its consumer price index slid to 0.2% in June from 0.3% in May, below expectations largely due to declines in prices for foods.

Weak consumer confidence continues to drive consumption in the direction of seeking better value-for-money purchases, and competition in the electric vehicle sector continues to drive prices lower, suppressing overall inflation, Lynn Song of ING Economics said in a commentary.

Australia’s S&P/ASX 200 was down 0.2% to 7,816.80.

In Seoul, the Kospi was nearly unchanged at 2,867.99. Taiwan’s Taiex added 0.5% while India’s Sensex declined 0.7%.

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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