Stock market today: Asian stocks mostly fall, Euro drop on French election outcome
Monday, 8 July 2024
HONG KONG (AP) — Asian stocks mostly fell Monday, with the Euro dropping on the shock French election outcome, while U.S. stocks rose to more records Friday boosted by a highly anticipated report on the job market.
U.S. futures and oil prices decline.
The euro climbed above $1.08, while the gains were tempered by the surprising results of the French parliamentary elections.
The left-wing New Popular Front has won the most seats in the 2024 French legislative election, beating back a far-right surge but failing to win a majority. The result leaves France facing the stunning prospect of a hung parliament and worries of political and policy uncertainty.
The currency fell to $1.0829 from $1.0836 in morning trading.
In Tokyo, the Nikkei 225 index was up 0.2% to 40,999.80 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 1.3% to 17,571.31 and the Shanghai Composite index was down 0.6% to 2,933.44.
Australia’s S&P/ASX 200 sank 0.4% to 7,790.80 while South Korea’s Kospi edged less than 0.1% lower to 2,861.92.
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.
The Dow Jones Industrial Average rose 0.2% to 39,375.87, while the Nasdaq composite added 0.9% to 18,352.76.
The action was more decisive in the bond market, where Treasury yields sank following the U.S. jobs report. Employers hired more workers last month than...
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