Elaine Kurtenbach, The Associated Press
3 hours ago
A person rides a bicycle in front of an electronic stock price board displaying Japan’s Nikkei average stock price at a securities firm in Tokyo, Tuesday, May 28, 2024. (AP Photo/Eugene Hoshiko)
TOKYO (AP) — Stocks in Europe and Asia were mostly lower on Tuesday as U.S. markets were closed for Memorial Day.
Germany’s DAX index rose 0.3% to 18,828.68, while Paris’ CAC 40 index fell 0.1% to 8,121.17. In Britain, the FTSE 100 index, which reopened from Monday’s bank holiday, fell 0.2% to 8,303.25.
Futures for the S&P 500 rose 0.2%, while the Dow Jones Industrial Average added 0.1%.
In Asian markets, Chinese markets rose and then fell after Communist Party officials met to reaffirm Beijing’s determination to curb financial risks.
The Shanghai Composite Index fell 0.5% to 3,109.57. Hong Kong’s Hang Seng Index fell less than a point to 18,821.16.
The Chinese government recently eased mortgage interest rates and down payment requirements as part of an effort to revive the real estate sector after a crackdown on excessive borrowing forced many developers to default on their loans.
The housing industry plays a major role in driving the economy, and its problems are hindering growth.
The meeting, led by Chinese President Xi Jinping on Monday, “pointed out that preventing and eliminating financial risks is a major challenge,” the state-run Xinhua News Agency reported.
Xinhua said efforts to step up surveillance “should be strictly implemented to send a strong message that any violators will be held accountable, and financial surveillance will indeed be sharp, with ‘fangs and thorns’.”
Tokyo’s Nikkei stock average fell 0.1% to 38,855.37 and Seoul’s KOSPI was little changed at 2,722.85. Australia’s S&P/ASX 200 fell 0.3% to 7,766.70.
On Friday, the S&P 500 rose 0.7%, while the Dow Jones Industrial Average rose less than 0.1%, and the Nasdaq Composite rose 1.1%, surpassing the all-time high it hit early last week.
In other trading on Tuesday, benchmark U.S. crude oil rose $1.16 to $78.88 a barrel in electronic trading on the New York Mercantile Exchange.
“A tense geopolitical situation, rising U.S. demand heading into the summer and a cautious stance from the Organization of the Petroleum Exporting Countries (OPEC) on the outlook are supporting further gains for oil prices,” Swissquote’s Ipek Ozkardeskaya said in a commentary.
Brent crude, the international standard, rose 12 cents to $83.00 a barrel.
In the foreign exchange market, the US dollar rose to 156.91 yen from 156.89 yen.
The euro rose to $1.0877 from $1.0860.
