Global stocks mixed after French election leaves no clear majority

Hong Kong, July 8 (BNA): Asian stocks fell while European markets were higher Monday after France’s elections left its legislature divided among left, center and far right, with no single political faction getting close to a majority.


The CAC-40 index of large companies has erased the losses in early trading and was 0.8% higher to 7,735.17.


The euro currency rose to $1.0841 from $1.0836 Monday, the Associated Press (AP) reported. 


Elsewhere in Europe, Germany’s DAX rose 0.7% to 18,598.84, and the FTSE 100 in London was up 0.2% at 8,217.77.


In Tokyo, the Nikkei 225 index was down 0.3% to 40,780.70 despite official data showing the real wages fell 1.4% year on year in May, a decline for the 26th straight month as the weakening yen and higher commodity costs pushed up the cost of imports. While the nominal wages rose 1.9%.


Hong Kong’s Hang Seng index declined 1.6% to 17,524.06 and the Shanghai Composite index dropped 0.9% to 2,922.45.


Australia’s S&P/ASX 200 sank 0.8% to 7,763.20 while South Korea’s Kospi edged 0.2% lower to 2,857.76.


The future for the S&P 500 was down less than 0.1% while that for the Dow Jones Industrial Average edged 0.1% higher.


On Friday, the S&P 500 climbed 0.5% to 5,567.19, setting an all-time high for a third straight day following Thursday’s pause in trading for the Fourth of July holiday. The index has already set 34 records and climbed close to 17% this year, which is only a little more than halfway done.

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The Dow Jones Industrial Average rose 0.2% to 39,375.87, while the Nasdaq composite added 0.9% to 18,352.76.


In other dealings Monday, U.S. benchmark crude oil gave up 64 cents, down to $82.52 per barrel in electronic trading on the New York Mercantile Exchange.


Brent crude, the international standard, declined 47 cents to $86.07 per barrel.


The U.S. dollar rose to 161.00 Japanese yen from 160.72 yen.





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