New York (AFP) – Global stocks mostly rose Thursday with Wall Street forging higher following strong results from tech giants Microsoft and Meta that helped offset lingering economic worries. Several markets were shut in Europe and Asia for the May 1 holiday, including those in France, Germany, Hong Kong, and mainland China.
Among markets that were open, London was flat, while Tokyo climbed more than one percent after Japan’s central bank kept its key interest rate steady and warned of trade uncertainty. Back on Wall Street, the tech-dominated Nasdaq led major US indices, winning 1.5 percent after AI strength boosted Microsoft results while robust ad spending lifted Facebook parent Meta.
Tokyo’s main Nikkei 225 index closed 1.1 percent higher after the central bank’s decision to hold rates caused the yen to fall against the dollar, boosting Japanese exporters. The Bank of Japan warned that trade tariffs are fueling global economic uncertainty and revised down its growth forecasts for the world’s fourth-largest economy.
Oil prices finished solidly higher, rebounding from an early retreat as US President Donald Trump vowed to enforce sanctions and called for a global boycott of Iranian oil or petrochemicals. US stocks have been on an upswing over the last week or so as Trump’s administration has touted progress on talks with trading partners over his wide-ranging tariffs. But investors remain anxious about the economic outlook amid concerns that Trump’s trade wars are delaying corporate investment and depressing consumer spending.
On Thursday, the Institute for Supply Management (ISM) manufacturing index slipped to 48.7 percent in April, a touch below its level in March, and below the 50-point mark separating expansion from contraction. Businesses that responded to the survey flagged Trump’s trade policy rollout as a key cause for concern. Meanwhile, an updated analysis from S&P Global Ratings lowered the 2025 economic growth forecast for the United States, saying, “We see a material slowdown in growth, but do not foresee a US recession at this juncture.”
Markets are looking ahead to Friday’s US jobs data for April for indications of the Federal Reserve’s path for interest rates. “All that matters for the Fed is the jobs market so we head into a big risk event with tomorrow’s payrolls report,” said Neil Wilson, UK investor strategist at Saxo Markets.
– Key figures at around 2040 GMT –
New York – Dow: UP 0.2 percent at 40,752.96 (close)
New York – S&P 500: UP 0.6 percent at 5,604.14 (close)
New York – Nasdaq: UP 1.5 percent at 17,710.74 (close)
London – FTSE 100: FLAT at 8,496.80 (close)
Paris – CAC 40: closed for holiday
Frankfurt – DAX: closed for holiday
Tokyo – Nikkei 225: UP 1.1 percent at 36,241.70 (close)
Hong Kong – Hang Seng Index: closed for holiday
Shanghai – Composite: closed for holiday
Euro/dollar: DOWN at $1.1289 from $1.1328 on Wednesday
Pound/dollar: DOWN at $1.3277 from $1.3329
Dollar/yen: UP at 145.44 yen from 143.07 yen
Euro/pound: UP at 85.02 pence from 85.00 pence
West Texas Intermediate: UP 1.8 percent at $59.24 per barrel
Brent North Sea Crude: UP 1.8 percent at $62.13 per barrel
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© 2024 AFP
