Global stock markets experienced mixed performance on Tuesday, with London, Shanghai, Paris, and Hong Kong witnessing gains while Wall Street’s momentum tapered off after its recent rally. Oil prices saw an increase as well.
The benchmark S&P 500 index on Wall Street declined by 0.4% on Monday, primarily due to a slump in tech stocks following their rapid ascent. However, most other best stocks in UK managed to advance. Although the index has retreated from its peak two weeks ago, it remains up by over 20% since mid-October, showcasing a moderation in overbought technical conditions and bullish sentiment.
Global Markets React: London, Frankfurt, and Paris Display Mixed Results
During early trading, the FTSE in London saw a 0.2% rise, reaching 7,471.46, while the DAX in Frankfurt experienced a 0.1% dip, settling at 15,813.06. In Paris, the CAC 40 advanced by 0.3% to 7,184.35.
Futures for the S&P 500 and the Dow Jones Industrial Average on Wall Street indicated a 0.2% increase, reflecting a rebound following Monday’s slight decline. The Dow saw a marginal decrease of less than 0.1%, while the tech-heavy Nasdaq composite slipped by 1.2%.
Asian Markets Respond: Shanghai Gains, Tokyo Declines
In Asia, the Shanghai Composite Index rose by 1.2% to 3,189.44 as Premier Li Qiang of China confirmed that the country’s economic growth has accelerated, aligning with this year’s official target of 5%. Conversely, the Nikkei 225 in Tokyo declined by 0.5% to 32,538.33. Hong Kong’s Hang Seng, on the other hand, saw a notable increase of 1.9% to 19,148.13.
London stock exchange group share price experienced an upward surge as concerns surrounding Russia’s volatile political situation eased and China confirmed its trajectory toward meeting the 5% economic growth target set by the government. Anglo-American, Glencore, and Antofagasta were among the top-performing blue-chip mining stocks.
Best UK Dividend Paying Stocks Inflation Decelerates in June
UK penny stocks inflation showed signs of deceleration in June, with price cuts on staple items such as milk and eggs alleviating some pressure on consumers. According to the latest British Retail Consortium-NielsenIQ tracker, annual shop price inflation dropped to 8.4% in June from 9.0% in May, falling below the three-month average inflation rate of 8.7%. Food inflation also eased to 14.6% from 15.4%, with expectations of a further drop to single digits later this year.
Traders are closely watching the upcoming inflation data for June, with expectations that it may prompt the Federal Reserve to raise rates by a quarter of a percentage point at its next meeting in July. The Fed has suggested the possibility of two more rate hikes due to persistent inflationary pressures. In the energy markets, benchmark U.S. crude and Brent crude prices experienced moderate increases.
