LONDON: European stocks and gold prices rose, while Wall Street futures fell on Wednesday as the US government shut down after lawmakers failed to reach a funding deal.&nbsp;The prospect of services in the United States being closed pushed gold to another record high of over $3,895.&nbsp;In Asia, Tokyo&#39;s stock market sank, while Hong Kong and Shanghai were closed for holidays.&nbsp;Pharmaceutical shares lifted European markets after Pfizer was granted a reprieve from President Donald Trump&#39;s tariffs by agreeing to lower drug prices in the United States.&nbsp;Trump also announced plans to unveil a website that will allow consumers to purchase certain medications directly from manufacturers at discounted rates.&nbsp;While details remain scarce, shares in British pharmaceutical giant AstraZeneca rose by more than six percent, and GSK was up almost three percent in London.&nbsp;The dollar remained under pressure due to concerns caused by the US government&#39;s partial shutdown, which began on Wednesday.&nbsp;Democrats and Republicans failed to break a budget impasse, with talks hinging on health care funding.&nbsp;&quot;Historically, shutdowns have been bad for the US dollar, bad for US equities, and bad for bonds too,&quot; said Emma Wall, chief investment strategist at Hargreaves Lansdown.&nbsp;&quot;Should the shutdown remain unresolved it is likely to drive money outside of the US to markets with more certainty,&quot; she added.&nbsp;While most shutdowns end after a short period, investors were concerned that it could prevent the release on Friday of the key non-farm payrolls report, a crucial guide for the Fed in its rate decisions.&nbsp;The closure will result in the halt of non-essential operations, leaving hundreds of thousands of civil servants temporarily unpaid, and potentially disrupting many social safety net benefit payments.&nbsp;Trump threatened to punish Democrats during any stoppage by targeting progressive priorities and forcing mass public sector job cuts.&nbsp;&quot;Shutdowns have delivered bouts of volatility, but the precedent has been that weakness tends to be short-lived,&quot; noted Joshua Mahony, chief market analyst at Scope Markets.&nbsp;Futures on all three main indexes in New York were in the red.&nbsp;India&#39;s rupee also made small inroads as the country&#39;s central bank decided against cutting interest rates, despite inflation remaining low; however, the unit continued to hover around record lows against the US dollar.&nbsp;The South Asian currency has been hit by concerns over stalled trade talks with the Trump administration, which will not soften the painful tariffs. At the same time, Washington&#39;s strict immigration measures have added to worries.&nbsp;The two sides remain in talks despite sharp disagreements over agricultural trade and New Delhi&#39;s purchases of Russian oil.&nbsp;In company news, Australian mining titan BHP fell 2.5 percent following reports that China had told steelmakers to temporarily stop buying seagoing, dollar-denominated cargoes from the firm, as part of a pricing dispute.&nbsp;

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European stocks and gold rose as Wall Street futures fell after a US government shutdown. Pharma shares gained on a tariff reprieve, while the dollar weakened, Tokyo stocks slid, and investors feared economic disruption, as well as a delayed US jobs data release.

European stocks rise, Wall Street futures drop as US shutdown begins

HONG KONG: Most Asian markets rose Monday, tracking gains on Wall Street, following US inflation figures that met expectations and soothed concerns about Donald Trump&#39;s latest tariff salvo.&nbsp;However, investors were keeping a wary eye on Washington, where lawmakers have failed to reach a funding compromise to keep the government running, which observers say could affect the release of key data.&nbsp;All three main indexes in New York ended in the green on Friday, snapping three straight losses following news that the Federal Reserve&#39;s preferred gauge of inflation rose in line with expectations, giving the bank room to cut interest rates again.&nbsp;While the 2.7 percent reading on the August personal consumption expenditures (PCE) index was up from 2.6 percent in July and well above the Fed&#39;s two percent target, policymakers are focusing on supporting the labor market after a string of weak jobs readings.&nbsp;Their cut earlier this month &mdash; the first since December &mdash; came as a closely watched guide indicated two more were in the pipeline before January.&nbsp;Attention now turns to the key non-farm payrolls (NFP) report due Friday.&nbsp;However, there are concerns that could be postponed by a possible government shutdown this week as US politicians struggle to reach a funding deal, with some analysts suggesting the Labor Department could be hit.&nbsp;With a deadline for a deal coming on Tuesday, congressional leaders on both sides are due to meet President Trump to try to resolve the issue, which could see some key services closed down.&nbsp;Hakeem Jeffries, the Democratic House leader, said on ABC that he was &quot;hopeful&quot; that a deal could be struck before the Tuesday cutoff.&nbsp;His colleague Chuck Schumer, the Democrats&#39; Senate leader, echoed that guarded optimism and said any potential breakthroughs would depend on Trump&#39;s Republicans.&nbsp;Trump has struck a defiant tone in pushing for his own agenda and last week cancelled a meeting to discuss the stalemate with senior opposition leaders, which will instead take place on Monday.&nbsp;&ldquo;If we hear early this week that the NFP report will be delayed (potentially until the govt re-opens), traders may recalibrate their approach to risk and increase their sensitivity to&rdquo; other jobs figures, said Pepperstone&#39;s Chris Weston.&nbsp;And economists at Bank of America warned that the longer the row went on, the more painful it would be for the world&#39;s top economy.&nbsp;&quot;The economic effects of a shutdown are typically modest and short-lived. Though the drag grows with the length of the shutdown, and potential federal layoffs could have more lasting effects,&quot; they wrote.&nbsp;Still, investors in most markets were in a positive mood, building on Wall Street&#39;s gains.&nbsp;Hong Kong and Seoul led the way, rising more than one percent each, while Shanghai, Sydney, Singapore, Wellington, Manila and Jakarta also advanced.&nbsp;Tokyo slipped, though the finance arm of Sony soared more than 30 percent on its debut after being spun off by the tech titan to focus on its entertainment and image sensor business.&nbsp;Sony Financial Group rocketed to as much as 210 yen in the morning, from the 150 yen it was set at last week.&nbsp;Oil prices sank on speculation OPEC+ will increase output, fanning concerns of a glut. The drop followed last week&#39;s rally on the back of mounting tensions between NATO countries and Russia, increasing the possibility of fresh sanctions on Moscow.&nbsp;Key figures at around 0230 GMTTokyo - Nikkei 225: DOWN 1.0 percent at 44,892.52 (break)&nbsp;Hong Kong - Hang Seng Index: UP 1.5 percent at 26,506.83&nbsp;Shanghai - Composite: UP 0.1 percent at 3,833.33&nbsp;Euro/dollar: UP at $1.1725 from $1.1701 on Friday&nbsp;Pound/dollar: UP at $1.3431 from $1.3405&nbsp;Dollar/yen: DOWN at 148.96 yen from 149.51 yen&nbsp;Euro/pound: DOWN at 87.28 pence from 87.30 pence&nbsp;West Texas Intermediate: DOWN 0.8 percent at $65.19 per barrel&nbsp;Brent North Sea Crude: DOWN 0.7 percent at $69.65 per barrel&nbsp;New York - Dow: UP 0.7 percent at 46,247.29 (close)&nbsp;London - FTSE 100: UP 0.8 percent at 9,284.83 (close)

A man walks on Wall St. outside the NYSE in New York

Investors are keeping a wary eye on Washington, where lawmakers have failed to reach a funding compromise to keep the government running, which observers say could affect the release of key data.

Most Asian markets track Wall Street higher after US inflation data

TOKYO: Asian shares traded mostly higher Monday, cheered by a record finish last week on Wall Street.&nbsp;Japan&#39;s benchmark Nikkei 225 jumped 1.5% in morning trading to 45,729.33, rebounding from the decline late last week over concerns about the Bank of Japan&#39;s selling its holdings. Such concerns abated as markets began to see any move as gradual.&nbsp;Australia&#39;s S&amp;P/ASX 200 rose 0.4% to 8,811.10. South Korea&#39;s Kospi gained 0.8% to 3,472.82. Hong Kong&#39;s Hang Seng slipped 0.9% to 26,306.60, while the Shanghai Composite was little changed, inching up less than 0.1% to 3,821.83.&nbsp;The S&amp;P 500 rose 0.5% to close out its sixth winning week in the last seven. The Dow Jones Industrial Average added 172 points, or 0.4%, and the Nasdaq composite climbed 0.7%. All three hit all-time highs for a second straight day.&nbsp;The S&amp;P 500 rose 32.40 points to 6,664.36. The Dow Jones Industrial Average added 172.85 to 46,315.27, and the Nasdaq composite climbed 160.75 to 22,631.48.&nbsp;The rally has come on the back of expectations that the Federal Reserve will continue to cut interest rates in order to give the economy a boost. The central bank lowered them for the first time this year last Wednesday.&nbsp;If the Fed keeps cutting interest rates, that could give the struggling housing market a boost. But the growing expectations mean the market could be in for a disappointment and drop sharply if the Fed does not cut as much as traders expect.&nbsp;Fed officials have said more rate cuts are likely this year and next. Fed Chair Jerome Powell said last week that the central bank may have to react quickly because inflation is remaining stubbornly high in the American economy while the job market is slowing, all the while as President Donald Trump&rsquo;s tariffs threaten to push inflation higher.&nbsp;&ldquo;Every time the market seems to be running out of momentum, it fools most of us by pushing to higher heights,&rdquo; said Jay Woods, chief market strategist at Freedom Capital Markets.&nbsp;&ldquo;As traders continue to monitor new highs daily, they are really focused on what Fed officials will have to say as they make the speaking rounds this week.&rdquo;&nbsp;In the bond market, Treasury yields ended last week being relatively steady. The yield on the 10-year Treasury edged up to 4.12% last Friday from 4.11% late Thursday.&nbsp;In energy trading, benchmark U.S. crude rose 34 cents to $63.02 a barrel. Brent crude, the international standard, added 40 cents to $67.08 a barrel.&nbsp;In currency trading, the U.S. dollar rose to 148.31 Japanese yen from 147.91 yen. The euro cost $1.1733, down from $1.1745.

Shares rise on Fed rate cut hopes; Nikkei jumps 1.5%, while oil and U.S. yields edge higher.

Asian shares are mostly higher after Wall Street's record week

NEW YORK: Wall Street is rising toward more records on Thursday as Nvidia and Intel lead a rally for technology stocks after announcing a deal that includes a $5 billion investment.&nbsp;The S&amp;P 500 rose 0.5% and was on track to squeak past its all-time high, which was set at the start of the week. The Dow Jones Industrial Average was up 88 points, or 0.2%, as of noon Eastern time, and the Nasdaq composite was 1% higher. Both were likewise flirting with records.&nbsp;Intel soared 29.3% and was heading toward its best day since 1973 after Nvidia said it would buy $5 billion of the chipmaker&rsquo;s stock. It&rsquo;s part of a collaboration where the pair will develop products for data centers and personal computers. Nvidia climbed 3.4% and was by far the strongest force lifting the S&amp;P 500 because it&rsquo;s Wall Street&rsquo;s most valuable company.&nbsp;Encouraging reports on the economy, meanwhile, helped send Treasury yields climbing in the bond market. One report said that growth in manufacturing in the mid-Atlantic region was much stronger than economists expected. Another said that fewer U.S. workers applied for unemployment benefits last week than expected.&nbsp;The second report could indicate the pace of layoffs is slowing, and it was a relief after the prior week&rsquo;s data showed a disconcerting leap to a four-year high. The job market has slowed so much that the Federal Reserve on Wednesday cut its main interest rate for the first time this year in order to give it some help.&nbsp;The Fed also indicated more cuts may be on the way this year and next, though Chair Jerome Powell warned that the Fed is stuck in a precarious position and may have to change course quickly. That&rsquo;s because the economy is in the unusual situation where the job market is slowing when inflation is remaining stubbornly high at the same time.&nbsp;The Fed is in charge of fixing both, but it has only one tool to do that. And helping one by moving interest rates often hurts the other in the short term.&nbsp;Expectations are high on Wall Street for the Fed to keep cutting interest rates, and a halt in cuts could send stocks tumbling. Critics say stock prices have already shot too high and become too expensive, in part because of the heavy bets on continued cuts in rates.&nbsp;On Wall Street, Novo Nordisk saw its stock that trades in the United States rise 5.8% after the Danish company said a newly published study showed its once-a-day pill version of Wegovy helped people lose significant weight. It also said that its Ozempic product reduced the risk of heart attack, stroke and death for patients versus another treatment for some people with type 2 diabetes.&nbsp;Stocks in the cryptocurrency industry also jumped to strong gains, including rises of 7.8% for Coinbase Global, 11.3% for Bullish and 6.1% for Circle Internet Group. Bitcoin has climbed above $117,500 following the Fed&#39;s cut to interest rates.&nbsp;On the losing end of Wall Street, the company behind Olive Garden and other restaurant chains sank 9.5% after it reported a profit for the latest quarter that was below analysts&#39; expectations. Darden Restaurants also raised its forecast for revenue growth this fiscal year, but not by much more than analysts expected.&nbsp;Cracker Barrel fell 4.8% after the restaurant chain likewise reported a weaker profit for the latest quarter than analysts expected. It also gave a forecast for revenue in its upcoming fiscal year that fell short of analysts&rsquo;, as the controversy over its planned logo change continues to play out.&nbsp;The Walt Disney Co. slipped 1.5% after the entertainment giant announced that its ABC television division had suspended Jimmy Kimmel&rsquo;s late-night show indefinitely after comments that he made about Charlie Kirk&rsquo;s killing led a group of ABC-affiliated stations to say they would not air the show.&nbsp;Earlier in the day, FCC Chairman Brendan Carr called Kimmel&rsquo;s comments &ldquo;truly sick&rdquo; and said his agency has a strong case for holding Kimmel, ABC and Disney accountable for spreading misinformation.&nbsp;In stock markets abroad, indexes rose in Europe following a mixed performance in Asia.&nbsp;London&rsquo;s FTSE 100 added 0.2% after the Bank of England held its main interest rate steady.&nbsp;South Korea&rsquo;s Kospi rallied 1.4%, and Hong Kong&rsquo;s Hang Seng fell 1.4% for two of the world&rsquo;s bigger moves.&nbsp;In the bond market, the yield on the 10-year Treasury rose to 4.11% from 4.06% late Wednesday. It&rsquo;s a notable move after it had briefly dropped below 4% on Wednesday, weighed down by expectations for continued cuts to interest rates by the Fed.

Wall Street is rising toward more records on Thursday as Nvidia and Intel lead a rally for technology stocks

Articles tagged with "Wall Street"

European stocks rise, Wall Street futures drop as US shutdown begins

Most Asian markets track Wall Street higher after US inflation data

Asian shares are mostly higher after Wall Street's record week

Wall Street rises toward more records as Intel and Nvidia rally