GOLD99
heart games Global stocks mostly fall, bitcoin soars to new peak
This illustration photograph taken on November 22, 2024 in Istanbul shows physical banknotes and coin imitations of the Bitcoin crypto currency. (Photo by Ozan KOSE / AFP)
New York, United States — Global shares mostly retreated Monday as markets awaited a Federal Reserve interest rate decision while concerns over political battles in Europe and China’s struggling economy pressured equities.
The Nasdaq was the day’s outperformer, surging more than one percent to a fresh all-time high behind big gains for Broadcom, Google-parent Alphabet and other tech names.
Article continues after this advertisementBut the Dow fell, along with bourses in Europe and Asia as traders fretted over political instability in France and Germany.
FEATURED STORIES BUSINESS Converge’s Uy embraces the Maroons BUSINESS SMC to rent Nayong Pilipino property for airport project BUSINESS Oil price hike of 80¢/L starting Dec 17READ: Bitcoin hits $100,000 for first time
Bitcoin, meanwhile, hit a new record high, reaching $107,115.89 as it continues to gain support from Donald Trump’s backing of cryptocurrencies.
Article continues after this advertisementInvestors 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.
Article continues after this advertisementThe 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.
Article continues after this advertisementBut 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.
Kathleen Brooks, research director at trading platform XTB, said that there would be “an elephant in the room” at the Fed meeting.
Article continues after this advertisement“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.
China and Europe worriesInvestors 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.
gold fish casino slot gamesChinese 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 center-left Chancellor Olaf Scholz lost a confidence vote, triggering elections set for February 23.
Preliminary data from the BSP showed that net income rose to P95.2 billion as of end-July, up by 414 percent from the P18.5 billion in the same period last year.
It was a reference to the notorious “behest loans” granted to individuals or corporations favored by powerful government officials.
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.
Key figures around 2210 GMTNew York – Dow: DOWN 0.3 percent at 43,717.48 (close)
New York – S&P 500: UP 0.4 percent at 6,074.08 (close)
New York – Nasdaq: UP 1.2 percent at 20,173.89 (close)
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: UP at $1.0509 from $1.0501 from Friday
Pound/dollar: UP at $1.2678 from $1.2619
Dollar/yen: UP at 154.13 yen from 153.65 yen
Euro/pound: DOWN at 82.86 pence from 83.22 pence
West Texas Intermediate: DOWN 0.8 percent at $70.71 per barrel
Subscribe to our daily newsletter
Brent North Sea Crude: DOWN 0.8 percent at $73.91 per barrelheart games
READ NEXT Global stocks mostly fall, bitcoin soars to new peak SMC to rent Nayong Pilipino property for airport project EDITORS' PICK 9 Dole programs exempted from Comelec spending ban Legarda concern about education budget cuts; seeks transparency Marcos vows to restore funds slashed from DepEd 2 senators claim not aware of changes in proposed national budget Mesa ni Misis: Green festive flavors Marcos on current state of PH: We’re quite stable amid political noise MOST READ Comelec probes possible sharing of voters in some areas KQ, JD, brightest stars of UAAP title protagonists, walk away from schools on different paths Marcos defends zero PhilHealth subsidy in 2025 SC: Suspension of single, pregnant teacher illegal Follow @FMangosingINQ on Twitter --> View comments