EconomyLens.com
No Result
View All Result
Wednesday, July 9, 2025
  • Home
  • Economy
  • Business
  • Markets
  • Tech
  • Editorials
EconomyLens.com
  • Home
  • Economy
  • Business
  • Markets
  • Tech
  • Editorials
No Result
View All Result
EconomyLens.com
No Result
View All Result
Home Other

Global stocks stall, bitcoin soars to new peak

Natalie Fisher by Natalie Fisher
December 16, 2024
in Other
Reading Time: 9 mins read
A A
4
33
SHARES
410
VIEWS
Share on FacebookShare on Twitter

Chinese leaders are seeking to kickstart consumption in the world's number two economy . ©AFP

London (AFP) – Global shares stalled Monday ahead of an expected US interest-rate cut later this week, while concerns over political battles in Europe and China’s struggling economy sent other world markets lower. Wall Street offered little cheer as the Dow marked time, although the tech-heavy Nasdaq and the broad-based S&P 500 were just in the green some two hours into trading. However, Europe and Asia all lost ground as traders fret over political instability in France and Germany.

Related

Trump broadens push for tariff deals, unveils 50% Brazil levy

Yemen’s Huthis claim deadly Red Sea attack on merchant ship

Copper’s strategic role threatened by Trump tariffs

Trump issues more letters to countries in push for tariff deals

Six rescued from cargo ship attacked in Red Sea: EU naval force

Bitcoin, meanwhile, hit a new record high, reaching $107,115.89 as it continues to gain support from Donald Trump’s backing of cryptocurrencies. Investors are turning their attention to Wednesday’s US Federal Reserve decision on borrowing costs at its last policy meeting of the year before Trump takes office next month. The Fed is widely expected to cut its key lending rate for a third straight time, reducing it by a quarter point despite a recent uptick in inflation. However, there are fears it will have to slow its pace of easing next year owing to sticky inflation and bets that Trump’s tax cuts and tariffs will reignite price increases.

“It will come as no surprise to investors to hear that the final full week of trading in global markets in 2024 has started with more gains for the US while Europe struggles,” said Chris Beauchamp, chief market analyst at online trading platform IG, identifying a nascent “Santa rally” on Wall Street. Regarding Europe, he noted that “Germany is now set for elections early next year, promising to throw in a new ingredient to Europe’s heady brew of political instability.” He added that while France now has a new prime minister, “the problems he faces remain intractable.”

Kathleen Brooks, research director at trading platform XTB, pointed out that there would be “an elephant in the room” at the Fed meeting. “How to accurately forecast economic activity and inflation rates, when the President-elect’s policies are expected to have a huge economic impact and could trigger more inflation?” she wrote.

Investors also tracked data showing that Chinese retail sales grew 3.0 percent last month, much slower than in October and well off the five percent forecast. Hong Kong and Shanghai stock markets closed lower after the data release, while oil prices fell slightly on concerns over Chinese demand. Chinese officials have unveiled a string of aggressive measures in recent months aimed at bolstering growth in the world’s second-biggest economy.

In Europe, the Paris stock market fell 0.7 percent after Moody’s downgraded France’s credit rating Saturday following months of political crisis and the appointment of centrist Francois Bayrou as prime minister. “The market is likely to watch closely to see how the political problems in France affect sentiment in the German economy,” said Jochen Stanzl, an analyst at CMC Markets. Frankfurt slid 0.5 percent as Germany’s embattled centre-left Chancellor Olaf Scholz lost a confidence vote, triggering elections set for February 23.

The European Central Bank cut rates again last week as inflation appears to come under control and the eurozone economy shows signs of weakness. ECB chief Christine Lagarde said Monday that the bank would keep lowering interest rates, while warning that higher US tariffs under Trump could hit growth in the bloc. A closely watched survey released Monday showed that business activity declined further in the eurozone in December, though less sharply than the previous month, thanks to an upturn in the services sector.

In London, the UK government approved the £3.6 billion ($4.5 billion) takeover of Royal Mail’s parent company, International Distribution Services (IDS), by Czech billionaire Daniel Kretinsky’s EP Group. IDS shares added 0.8 percent.

**Key figures around 1645 GMT:**

New York – Dow: FLAT at 43,815.96 points

New York – S&P 500: UP 0.3 percent at 6,071.18

New York – Nasdaq: UP 0.8 percent at 20,083.95

Paris – CAC 40: DOWN 0.7 percent at 7,357.08 (close)

Frankfurt – DAX: DOWN 0.5 percent at 20,313.81 (close)

London – FTSE 100: DOWN 0.5 percent at 8,262.05 (close)

Tokyo – Nikkei 225: FLAT at 39,457.49 (close)

Hong Kong – Hang Seng Index: DOWN 0.9 percent at 19,795.49 (close)

Shanghai – Composite: DOWN 0.2 percent at 3,386.33 (close)

Euro/dollar: UNCHANGED at $1.0504 from Friday

Pound/dollar: UP at $1.2690 from $1.2622

Dollar/yen: UP at 154.24 yen from 153.60 yen

Euro/pound: DOWN at 82.76 pence from 83.19 pence

West Texas Intermediate: DOWN 0.9 percent at $70.63 per barrel

Brent North Sea Crude: DOWN 0.9 percent at $73.86 per barrel

© 2024 AFP

Tags: global economyinterest ratesUS Federal Reserve
Share13Tweet8Share2Pin3Send
Previous Post

SoftBank CEO set to announce $100 bn US investment

Next Post

Cameroon leader urges ‘urgent action’ on central African economy

Natalie Fisher

Natalie Fisher

Related Posts

Other

Commerzbank commits to strategy as UniCredit ups direct stake

July 9, 2025
Other

Can Kenya attract the outsourcing jobs of the AI future?

July 9, 2025
Other

Markets mixed as Trump flags fresh tariffs, eyes on trade talks

July 9, 2025
Other

US stocks mostly lower as Trump adds copper, pharma to tariff onslaught

July 8, 2025
Other

Where do trade talks stand in the rush to avert higher US tariffs?

July 8, 2025
Other

Stocks mark time as Trump postpones tariffs deadline

July 8, 2025
Next Post

Cameroon leader urges 'urgent action' on central African economy

Trump touts $100 bn SoftBank investment, vowing 100,000 jobs

Cameroon leader urges 'urgent action' on central African economy

Palestinian economy facing unprecedented crisis: World Bank

0 0 votes
Article Rating
Subscribe
Notify of
guest
guest
4 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments
  • Trending
  • Comments
  • Latest

New York ruling deals Trump business a major blow

September 30, 2024

Elon Musk’s X fights Australian watchdog over church stabbing posts

April 21, 2024

Women journalists bear the brunt of cyberbullying

April 22, 2024

France probes TotalEnergies over 2021 Mozambique attack

May 6, 2024

Ghanaian finance ministry warns against fallout from anti-LGBTQ law

74

New York ruling deals Trump business a major blow

72

Shady bleaching jabs fuel health fears, scams in W. Africa

71

Stock markets waver, oil prices edge up

65

Yemen’s Huthis claim deadly Red Sea attack on merchant ship

July 9, 2025

Copper’s strategic role threatened by Trump tariffs

July 9, 2025

Trump issues more letters to countries in push for tariff deals

July 9, 2025

X chief Yaccarino steps down after two years

July 9, 2025
EconomyLens Logo

We bring the world economy to you. Get the latest news and insights on the global economy, from trade and finance to technology and innovation.

Pages

  • Home
  • About Us
  • Privacy Policy
  • Contact Us

Categories

  • Business
  • Economy
  • Markets
  • Tech
  • Editorials

Network

  • Coolinarco.com
  • CasualSelf.com
  • Fit.CasualSelf.com
  • Sport.CasualSelf.com
  • SportBeep.com
  • MachinaSphere.com
  • MagnifyPost.com
  • TodayAiNews.com
  • VideosArena.com
© 2025 EconomyLens.com - Top economic news from around the world.
No Result
View All Result
  • Home
  • Economy
  • Business
  • Markets
  • Tech
  • Editorials

© 2024 EconomyLens.com - Top economic news from around the world.