Gazeta Lodz - Stocks mostly higher as investors track China, Russia news

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Stocks mostly higher as investors track China, Russia news

ECONOMY 27.06.2023

Stocks mostly higher as investors track China, Russia news / Photo: © SPUTNIK/AFP

Major stock markets mostly rose Tuesday after recent losses, as China's growth reassurances helped to offset political turmoil in Russia.

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As investor anxiety over a global recession eased a little, haven currencies the dollar and yen pulled back but oil prices retreated.

"An encouraging speech from China's premier Li Qiang has lifted sentiment," noted Victoria Scholar, head of investment at Interactive Investor.

Li said China was on course to achieve its five-percent target for economic growth in 2023 set by Beijing earlier this year.

The world's second-biggest economy is grappling with a slow recovery after emerging from Covid lockdowns.

In a fresh sign of optimism for China-US relations, reports said Treasury Secretary Janet Yellen planned to meet her counterpart in Beijing next month.

The talks would follow Secretary of State Antony Blinken's trip to the country, where he spoke to his opposite number and President Xi Jinping.

A summit between Xi and President Joe Biden has also been flagged.

In Russia on Tuesday, President Vladimir Putin told gathered troops at the Kremlin that they had prevented a civil war after a revolt by Wagner mercenaries and held a minute of silence for pilots killed in clashes during the insurrection.

The ruble stabilised after sinking to a 14-month low against the dollar, or levels not seen since the early months of Putin's invasion of Ukraine.

In the United States, large tech shares stumbled Monday, weighing on major indices as markets eyed the fast-paced events in Russia and awaited key American data.

Wall Street expects additional interest-rate hikes from the Federal Reserve as inflation stays high.

Fed Chair Jerome Powell is scheduled to appear at a central bank forum in Portugal on Wednesday.

Addressing the forum Tuesday, European Central Bank president Christine Lagarde said it was "unlikely" policymakers could state soon when interest rates had peaked -- and pledged yet another hike in July for the eurozone.

- Key figures around 1100 GMT -

London - FTSE 100: FLAT at 7,453.17 points

Frankfurt - DAX: UP 0.1 percent at 15,825.24

Paris - CAC 40: UP 0.1 percent at 7,192.04

EURO STOXX 50: UP 0.2 percent at 4,289.43

Tokyo - Nikkei 225: DOWN 0.5 percent at 32,538.33 (close)

Hong Kong - Hang Seng Index: UP 1.9 percent at 19,148.13 (close)

Shanghai - Composite: UP 1.2 percent at 3,198.44 (close)

New York - Dow: DOWN less than 0.1 percent at 33,714.71 (close)

Euro/dollar: UP at $1.0952 from $1.0910 on Monday

Pound/dollar: UP at $1.2727 from $1.2714

Dollar/yen: UP at 143.74 from 143.50 yen

Euro/pound: UP at 86.05 pence from 85.78 pence

West Texas Intermediate: DOWN 1.3 percent at $68.44 per barrel

Brent North Sea crude: DOWN 1.2 percent at $73.32 per barrel

burs/bcp/kjm

Y.Borowski--GL

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