World stocks rally starts slowing
stock market rally showed signs of losing momentum today as New York and London stocks stalled, but Asia and eurozone markets powered on.LONDON, Jan 8 — A global 2018
The positivity spilled over into Europe with London scaling another record pinnacle at 7,733.39 points, before turning lower ahead of a UK government reshuffle.
“US stocks are seeing some pressure in early action, on the heels of last week’s rally to ring in the New Year, with a heavy dose of economic data and the unofficial start of earnings season expected later this week,” said analysts at the Charles Schwab brokerage.
Frankfurt and Paris maintained momentum to gain up to 0.4 per cent each as the weaker euro against the dollar boosted exporters.
“The FTSE 100 is little-changed… but having touched a new record at the beginning of the session, the broadly bullish trend remains intact,” said IG analyst Chris Beauchamp.
Wall Street opened a touch lower, after the Dow Jones clocked up its third straight record Friday, and the second close above the 25,000 landmark.
With the corporate earnings season about to begin, global equities continue to see in the new year on a positive note, with optimism boosted by a strong US economy — and solid prospects elsewhere.
There is “nothing to rattle investors at the moment”, ETX Capital analyst Neil Wilson told AFP.
Hong Kong extends run
In Asia, Hong Kong rose 0.3 per cent to continue an impressive run of gains that have seen the Hang Seng Index rise more than five per cent to its highest level since late 2007.
Shanghai jumped 0.5 per cent while Tokyo was closed for a public holiday.
Seoul put on 0.6 per cent as officials from North and South Korea prepare to hold talks for the first time since 2015.
Key figures around 1435 GMT
London – FTSE 100: DOWN 0.2 at 7,709.60 points
Frankfurt – DAX 30: UP 0.4 per cent at 13,369.36
Paris – CAC 40: UP 0.3 per cent at 5,488.19
EURO STOXX 50: UP 0.2 per cent at 3,615.54
New York – DOW: DOWN 0.1 per cent at 25,263.13
Hong Kong – Hang Seng: UP 0.3 per cent at 30,899.53 (close)
Shanghai – Composite: UP 0.5 per cent at 3,409.48 (close)
Tokyo – Nikkei 225: Closed for public holiday
New York – DOW: UP 0.9 per cent at 25,295.87 (close)
Euro/dollar: DOWN at US$1.1971 from US$1.2029 late on Friday
Pound/dollar: DOWN at US$1.3534 from US$1.3566
Dollar/yen: DOWN at 112.98 yen from 113.06 yen
Oil – Brent North Sea: UP eight cents at US$67.70 per barrel
Oil – West Texas Intermediate: UP 22 cents at US$61.66
Source: The Malay Mail Online