London (AFP) – Stock markets wavered on Friday as investors digested mixed US economic data and awaited a landmark US-Russia summit aimed at ending the war in Ukraine. US President Donald Trump, setting off for the Alaska meeting with Vladimir Putin, described his Russian counterpart as a “smart guy” and hailed a “good respect level” on both sides.
The possibility of an end to a conflict that Putin began in 2022 had put the markets in an optimistic mood, analysts said, although oil prices had been volatile owing to Russia’s status as a major producer and uncertainty over the outcome of the Alaska meeting. Wall Street trading was mixed, as data showed US retail sales rose in July in line with analyst expectations, contrasting with other indicators pointing to possibly slowing growth.
London and Frankfurt ended lower while Paris rallied to finish in positive territory. Investors have been tracking US economic data for any sign of an impact from Trump’s tariffs. The retail-sales report came as surveys pointed to a partial recovery in consumer sentiment compared with the spring, when tariff worries were more acute. Bret Kenwell, US investment analyst at eToro trading platform, said “the conversation around the consumer remains upbeat and healthy”, adding that “consumers are still out there spending”.
Separate data showed industrial production unexpectedly fell in July, though only slightly. Trump continued his tariff campaign on Friday, saying he would soon announce massive import duties on semiconductors. Shares in chip giants Nvidia and AMD were down following the news. Markets were also waiting for the Trump-Putin meeting, with Russia’s foreign minister saying his country would not make guesses on the outcome. “We never make any predictions ahead of time,” Russian Foreign Minister Sergei Lavrov told Russian state TV after landing in Alaska.
Putin was to step onto Western soil for the first time since he ordered the invasion of Ukraine in February 2022, a war that has killed tens of thousands of people. Every word and gesture will be closely watched by European leaders and by Ukrainian President Volodymyr Zelensky, who was not invited and has publicly refused pressure from Trump to surrender territory seized by Russia. After climbing Thursday, crude oil futures were lower Friday. “Oil prices have been somewhat volatile ahead of the summit as traders seek to work out if Russian exports to Western countries might resume,” said Russ Mould, investment director at AJ Bell.
Elsewhere, Tokyo’s main stocks index extended a record run higher following Japanese economic growth data that beat expectations. Weak Chinese economic figures resulted in a mixed showing for Chinese stocks.
Key figures at around 1540 GMT:
New York – Dow: UP 0.2 percent at 44,983.82 points
New York – S&P 500: DOWN 0.3 at 6,447.04
New York – Nasdaq: DOWN 0.6 percent at 21,591.38
London – FTSE 100: DOWN 0.4 percent at 9,138.90 (close)
Paris – CAC 40: UP 0.7 percent at 7,923.45 (close)
Frankfurt – DAX: FLAT DOWN 0.1 percent at 24,536.11 (close)
Tokyo – Nikkei 225: UP 1.7 percent at 43,378.31 (close)
Hong Kong – Hang Seng Index: DOWN 1.0 percent at 25,264.47 (close)
Shanghai – Composite: UP 0.8 percent at 3,696.77 (close)
Euro/dollar: UP at $1.1711 from $1.1657 on Thursday
Pound/dollar: UP at $1.3564 from $1.3535
Dollar/yen: DOWN at 146.94 yen from 147.76
Euro/pound: UP at 86.33 pence from 86.05 pence
West Texas Intermediate: DOWN 1.0 percent at $63.34 per barrel
Brent North Sea Crude: DOWN 0.8 percent at $66.29 per barrel
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© 2024 AFP
