Stock market today: Global shares mixed after Fed holds rates steady but hints of hikes ahead
CTV
Global shares were trading mixed Thursday after the U.S. Federal Reserve held interest rates steady.
Global shares were trading mixed Thursday after the U.S. Federal Reserve held interest rates steady.
France's CAC 40 declined 0.4% in early trading to 7,298.37. Germany's DAX shed 0.2% to 16,277.36. Britain's FTSE 100 slipped nearly 0.1% to 7,596.28. U.S. shares were set to drift lower with Dow futures inching down less than 0.1% to 34,270.00. S&P 500 futures fell 0.1% to 4,413.75.
Data from China showed consumer and factory activity weakened in May and record-breaking unemployment among young people in cities rose as an economic rebound following the end of anti-virus controls slowed. Consumers, uneasy about possible job losses, have returned to shops and restaurants less quickly than expected.
In Japan, machinery orders for April, released Thursday, showed the first growth in three months. Trade figures for May showed a deficit for 22 months in a row, as import costs rose with the rising energy and other prices.
Japan's benchmark Nikkei 225 erased morning gains to finish little changed, down less than 0.1% at 33,485.49. Australia's S&P/ASX 200 added 0.2% to 7,175.30. South Korea's Kospi shed 0.4% to 2,608.54. Hong Kong's Hang Seng gained 2.2% to 19,828.92, while the Shanghai Composite edged up nearly 0.7% to 3,252.98.
In standing pat on rates, Fed Chair Jerome Powell said the economy will have more time to absorb past hikes, adding, "ideally by taking a little more time, we won't go well past the level where we need to go."
That may give the economy and financial markets breathing room, but there was some skepticism.
