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Stocks Rise on Wall Street, European Stocks Fall due to Weak Chinese Economic Data

Stocks rose on Wall Street on Monday, but European stocks fell as weak Chinese economic data weighed on stock markets in Europe and Asia.

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China’s gross domestic product (GDP) increased by 6.3% in the second quarter of this year compared to April-June last year, thus recording slower growth than economists had predicted, the National Bureau of Statistics reported on Monday.

China’s June retail sales also came in lower than expected, while youth unemployment hit a new record high of 21.3% in June.

China’s Economic Recovery [pēc Covid-19 pandēmijas] is getting worse,” said Moody’s Analytics analyst Hattie Murphy Cruz.

Chinese economic data also contributed to the drop in oil prices.

Stock prices rose on Wall Street as investors awaited new earnings reports from companies. Among the companies due to report earnings this week are Bank of America, Tesla, Netflix and EasyJet.

The Dow Jones Industrial Average rose 0.2% to 34,585.35 on Monday, the Standard & Poor’s 500 rose 0.4% to 4,522.79, and the Nasdaq Composite gained 0.9% to 14,244.95 points.

London’s FTSE 100 fell 0.4% to 7,406.42 on Monday, Frankfurt’s DAX fell 0.2% to 16,068.65 and Paris’ CAC 40 fell 1.1% to 7,291. 66 points.

WTI crude oil fell 1.7% to $74.15 a barrel in electronic trading on the New York Stock Exchange on Monday. The price of “Brent” crude oil on the London Stock Exchange decreased by 1.7% to 78.50 dollars per barrel.

On the Dutch stock exchange “Title Transfer Facility” (TTF) natural gas price fell by 3.30% to 25.10 euros per megawatt hour on Monday.

The euro rose against the US dollar on Monday from $1.1228 to $1.1244 per euro, the British pound fell from $1.3093 to $1.3075 per pound and the US dollar against the Japanese yen eased from 138.80 to 138.70 yen per dollar. The value of the euro against the British pound increased from 85.75 to 85.97 pence per euro.

2023-07-18 05:54:31
#American #stocks #rising #Europe #falling

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