Stocks mainly higher ahead of US-Russia summit
(MENAFN) Global stock markets saw mostly gains on Friday, fueled by stronger-than-expected economic growth in Japan, although weak Chinese data weighed on Hong Kong’s Hang Seng and oil prices dipped ahead of a high-profile US-Russia summit.
Wall Street was largely flat on Thursday as wholesale inflation figures tempered expectations for a substantial US Federal Reserve interest rate cut. Analysts now anticipate a modest quarter-point reduction, with a larger half-point cut considered unlikely.
Japan’s economy grew 0.3% in Q2, with revised prior-quarter figures helping the nation avoid recession despite US tariffs on Japanese imports, particularly in the automotive sector. Tokyo’s Nikkei rose 1.7%, while other Asian markets including Shanghai, Seoul, and Sydney also climbed. European indices in London, Paris, and Frankfurt opened higher.
Conversely, Hong Kong’s Hang Seng declined for a second day following slower-than-expected Chinese retail sales and industrial production. Persistent issues in China’s real estate market and high youth unemployment have dampened consumer confidence, compounded by tensions from the US-China trade dispute.
Oil prices fell, retracing gains from Thursday, as investors awaited the Alaska summit between US President Donald Trump and Russian President Vladimir Putin to discuss a potential resolution to the Ukraine conflict. Trump asserted his firm stance, stating, “I am president, and he's not going to mess around with me.”
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